Vancouver-based fintech firm raises $70M led by Goldman Sachs

Sep 17 2019, 10:04 am

Vancouver-based global identity verification provider Trulioo announced today it has raised a total of $70 million in new funding, including $60 million in financing led by Goldman Sachs Growth Equity.

In a release, Trulioo said this latest investment brings its total capital investment since 2011 to $96.6 million.

The company said this latest round of funding “will lead the company into its next growth phase, including scaling up operations in new markets.”

As part of that process, Trulioo said it expects to grow its headcount to 200 people from 130, with hiring planned across its Vancouver, San Francisco ,and Dublin offices.

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“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  Trulioo founder and CEO, Stephen Ufford. “We’re committed to leveraging technology to help our customers fight financial crime, money laundering and election fraud.”

Ufford also thanked investors “for their trust in the work we are doing and for enabling us to push forward our solutions.”

Trulioo provides instant global identity verification for five billion consumers and more than 250 million business entities in over 195 countries. The company serves customers in a wide range of industries including technology, banking, retail, payments, online marketplaces, and social media networks.

“Digital businesses today are under immense pressure to adhere to strict compliance regulations, remain secure, and deliver compelling user experiences,” said Mark Midle of Goldman Sachs’ Merchant Banking Division.

Trulioo, he added, “has proven to be a key partner in helping global businesses address all of these challenges.”