It will use the funds to enhance its product offerings and expand footprint in India and South-East Asia
Founded in 2020, the startup is headquartered in San Francisco and has offices in India and Malaysia
In August 2020, Bureau had raised a seed round of $4.2 Mn
Identity verification and fraud protection platform Bureau has raised $12 Mn in its Series A funding round.
The funding round was led by Quona Capital along with participation from Commerce Ventures, Okta Identity as well as angel investors Mark Britto, EVP Chief Product Officer at Paypal, and Bobby Mehta, former president and CEO of Transunion.
Existing investors such as XYZ Ventures, Blume Ventures, Village Global, EMVC and Sweat Equity Ventures also took part in the round.
In a statement, the company said that the latest funding will be used to enhance its product offerings and expand its footprint in India and South-East Asia. The company also plans to double-up its current capabilities in end-to- end customer on-boarding and launch solutions including account takeover prevention, transaction monitoring, solving return-to-origin (RTO), and chargebacks use cases, it said.
Founded by Ranjan Reddy in 2020, Bureau helps businesses automate their decisions, on-board good customers, prevent fraud, and power seamless user experiences. According to the company, it has verified over 12 million digital identities till date.
Its clientele include Jupiter Money, Goibibo, Aditya Birla Capital, ICICI Prudential Mutual Fund, India Gold, and PhonePe.
Headquartered in San Francisco, Bureau has offices in India and Malaysia.
In August 2020, it had raised a seed round of $4.2 Mn from XYZ Ventures, Blume Ventures, Village Global, EMVC and Sweat Equity Ventures, who have invested in the Series A round as well.
Citing Fortune Business Insights, the company statement said fraud detection and prevention platforms globally have witnessed a rise in demand, post-pandemic, with their market size projected to grow from $26.97 billion in 2021 to $141.75 billion in 2028.
The company competes with IDfy, Signzy, inVOID, HyperVerge, Helloverify, Syntizen, SignDesk, Veri5Digital, and Karza Technologies, among others in the Indian market.
In October, IDfy raised INR 86 Cr in its Series D round led by TransUnion and Blume Ventures. So far, it has raised $16.7 Mn. Bengaluru-based Signzy has so far raised $12.6 Mn.
Gurugram-based inVOID on the other hand has so far raised $175,000.
