Vancouver Identity verification startup Trulioo, has announced today it has received US $6 million in a Series A financing led by New York based Tenfore Holdings, with participation by BDC Venture Capital and Blumberg Capital. This brings the startup’s funding total to over US$8.3 million.
Trulioo provides software that scores Internet identities as authentic, machine generated or fraudulent. The software is targeted for use by websites and mobile applications that support social login. Social login adoption is rapidly growing and a recent study by Gartner, projected ecommerce adoption to hit 50% by 2015 in large part due to the ease of use within mobile apps. Trulioo’s software called TruDetect, which originally only supported Facebook login, now also covers Google+, LinkedIn, Twitter as well as traditional login using an email address. The software enhances social login by verifying the identity of website or mobile app users without introducing additional friction. Developers can make use of the product through Trulioo’s API with just a few lines of code, or through leading user management platforms like Gigya and Janrain among others.
FundRazr, a leading community crowd funding platform and a Trulioo customer, requires users to login using Facebook, LinkedIn or Google. “We initially looked to social login to help us drive new user registrations and optimize campaign visibility. Now in working with Trulioo, social login is also helping us to fight fraud and keep our user community safe,” said FundRazr’s CEO Daryl Hatton. “We are a global platform and we needed a global fraud solution – that had been hard to find previously,” said Hatton.
Trulioo recently surpassed 100 million cyber identities scored, most in North America and Europe. This round of funding will be used to accelerate expansion into developing and emerging markets where traditional identity verification products are largely unavailable. David Blumberg, Managing Partner at Blumberg Capital states, “Trulioo’s software is a unique and effective tool to help make social login safer for users and more valuable for customers globally. We think the company is well positioned to build out the biggest business in the vertical, as it continues to lead the market.”
As a pioneer in social verification, Trulioo aims to continue disrupting online identity verification with new technologies such as the recent project announcement Mobilekey, a mobile application designed to replace traditional student ID cards.
“We are excited to have this new group of top investors and partners on board, that share our vision and bring the additional domain expertise we need to grow,” said Trulioo’s Founder and CEO Stephen Ufford. “Trulioo created the market for social verification. This additional investment helps ensure we continue to be the leader and top brand to work with in the space by delivering the best product.”
Dan Levine of Tenfore Holdings has joined Trulioo’s Board of Directors.