BANGALORE, India, July 19, 2023 — Bureau, a platform for fraud and identity decisions, revealed that it had raised an additional USD 4.5 million from GMO VenturePartners, GMO Payment Gateway, and previous investors, bringing the total raised for its series A fundraising round to USD 16.5 million. The firm has now received USD20.5M in total capital as of the closing of the most recent round.
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Bureau is an identity decisioning platform for managing compliance and preventing fraud. It was founded in 2020. Businesses use the Bureau risk orchestration platform to manage compliance and prevent fraud across the client lifecycle. The business now provides services to clients in various industries, including banking, fintech, insurance, the gig economy, and real money gambling. Over 300M identities have been validated through the Bureau platform, and its revenues have increased six times in the last year.
Ranjan Reddy, who had previously launched the payments business Qubecell in Asia, founded Bureau in 2020. Ranjan was the Chief Business Officer at Boku Identity, which was acquired by Boku and eventually purchased by Twilio. The result of Ranjan’s 20 years of innovation in the customer journey is Bureau, the first source of truth for a network of verified identities.
According to Ranjan R. Reddy, CEO and founder of Bureau, “We founded Bureau to build a single source of digital trust.” “Our identity decisioning technology is designed to coordinate massive fragmented data to identify, organize, and magnify risk signals in milliseconds so consumers can make a final decision in real time. The result is significant.
“Compliance regulations are no longer just for the banking industry,” continued Ranjan R Reddy. Regulations apply to almost every industry, including the gig economy, cryptocurrency, gaming, and e-commerce, some of them for the very first time. However, businesses cannot solely rely on compliance. They require verification that a digital identity and their transaction are whom they claim to be. Therefore, obtaining compliance and fraud protection from a single source through a trusted network is essential. This purchase accomplishes that. It expands on the unique advantages of our device intelligence, behavioral AI, and no-code decisioning platform and gives our real-time, AI-based capabilities new KYC and compliance workflows. The synergies are a game-changer for businesses since they can now see whether a product is worth investing in.
Bureau is a cutting-edge platform for identification and fraud decisioning. It gives precise findings regarding the dependability of digital identities to stop fraud and make compliance easier, resulting in frictionless digital experiences for legitimate customers.
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