Goldman Leads Trulioo’s $70M Raise To Expand Global Digital ID

Trulioo, the global identity verification provider, has raised $70 million in new funding, eyeing growth in its core digital identification efforts, the company announced Tuesday (Sept. 17).

The company said in a release that the funding includes $60 million in a Series C round that was led by Goldman Sachs Growth Equity. Other participants included Citi Ventures, Santander InnoVentures and existing investor American Express Ventures. The remaining $10 million came as unannounced follow-on financing from early investors, including BDC Capital and Blumberg Capital.

Total funding to date since 2011 came to $96.6 million.

The most recent funding will be used to capitalize on growth, including scaling up operations in new markets, said Trulioo, and to grow headcount to 200 people from the present roster of 130 individuals. The firm will look to hire across its San Francisco, Vancouver and Dublin offices.

“Today, families, businesses and entire economies are being powered by the global shift towards a truly digital economy, which is exciting but also opens up new forms of risk,” said Stephen Ufford, CEO and founder of Trulioo in a statement accompanying the funding announcement. “We’re committed to leveraging technology to help our customers fight financial crime, money laundering and election fraud.”

The company said it provided global ID verification for 5 billion consumers and 250 million businesses across 195 countries through its single API integration.

In other remarks that accompanied the release, Matt Carbonara, managing director of Venture Investing at Citi Ventures said, “In today’s digital-first society, validating that people are who they say they are is critical to reducing business risk. Trulioo’s identity verification service makes the process seamless and cost-effective, enabling organizations to quickly onboard new customers while still protecting themselves from identity fraud.”

In July, Trulioo detailed expansion efforts in new countries, including Bahrain, Iceland, Qatar and Georgia. The company said it is able to verify customers in those countries through GlobalGateway, its marketplace of identity data and services.

Trulioo noted at the time of the announcement that each of those countries has committed to what it termed “a concerted effort to strengthen their fight against money laundering.” That comes as money laundering is estimated to cost the world between $800 billion and $2 trillion each year.