Bureau had raised a seed round of $4.2m in August 2020 from XYZ Ventures, Blume Ventures, Village Global, EMVC and Sweat Equity Ventures, who have invested in the Series A round as well.
The latest funding will be used to enhance the products and establish a wider footprint in India, and South-East Asia. The company also plans to double-up on its current capabilities in end-to- end customer on-boarding and launch solutions including account takeover prevention, transaction monitoring, and solving return-to-origin (RTO), and chargebacks use Cases.
“COVID has created a transformative opportunity to remove inefficiencies across the digital ecosystem. Solving friction around transactions and trust for businesses and consumers is absolutely critical for hyper-growth in global emerging markets and Asia, and we think Bureau’s full-stack solution has tremendous potential,” said Ganesh Rengaswamy, co-founder and managing partner at Quona. “We are excited to see Bureau’s growth and ambition to become the gold standard to ensure that people and businesses can truly trust one another enough to transact safely, and deliver digital and financial inclusion.”
As per Fortune Business Insights, 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.
“We are proud to be at the forefront of making mobile transactions a safer and effortless experience. Hyper- growth of the online economy demands a risk infrastructure that will support and scale with it. Bureau’s identity verification platform will enable this growth without the risk of cyber fraud, and friction. We are excited to double our investments in building cutting edge products, forging long term customer relationships, and attracting great talent to build a trust network that lets businesses and users transact with confidence,” said Ranjan Reddy, chief executive, Bureau.
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Founded in 2020 by Reddy, Bureau helps businesses automate their decisions, on-board good customers, prevent fraud, and power seamless user experiences.
“Bureau’s existing customer base, and the traction that they have gained among consumers, speaks to the tremendous market opportunity ahead,” said Austin Arensberg, Senior Director at Okta Ventures. “Bureau is the first company we’ve backed that’s explicitly tackling the emerging Asian markets, and we are excited to support the company and team on their journey.”
With over 12 million identities verified through the platform to date, the company has a customer base comprising leaders in fintech and financial services including Jupiter Money, Goibibo, Aditya Birla Capital, ICICI Prudential, India Gold, and PhonePe.
