Verification & Fraud Protection Platform Bureau Raises Additional $4.5 Million Funding
Bureau, a verification and fraud protection platform, has raised an additional $4.5 million from GMO VenturePartners, GMO Payment Gateway, and existing investors to close its Series A funding round at $16.5 million.
With the latest funding round, the total funds raised by the startup have reached $20.5 million to date.
As per the official statement, in addition to the funding round, Bureau has completed the acquisition of inVOID, a YC-backed identity verification startup.
Through this acquisition, the verification and fraud protection platform aims to enhance its global coverage, widen its IP scope, and broaden its tech stack.
Bureau | Verification And Fraud Protection Platform
Founded by Ranjan R Reddy in 2020, Bureau is a no-code, identity decisioning platform that offers businesses the complete range of risk, compliance, and ongoing fraud monitoring solutions.
It helps businesses automate decisions, onboard good customers, prevent fraud, and power user experiences.
Speaking about the development, Ranjan R Reddy, Founder and CEO of Bureau, said,
“Our identity decisioning platform is purpose-built to orchestrate massive, disparate data to recognise, structure, and amplify risk signals in milliseconds so that customers can reach an absolute decision in real-time. The outcome is material. Working with us, companies know who their consumers are, who they say they are, and that they have good intentions, while consumers know their digital identities and privacy are safe and secure.”
Bureau helps businesses achieve growth, operate efficiently, and curtail fraud attacks as well as regulatory risks, ultimately saving businesses millions of dollars.
The verification and fraud protection platform also claims that its revenues have grown six-fold in the last 12 months, with over 300 million identities verified through its platform.
Commenting on the development, Ryu Muramatsu, director/founding partner of GMO VenturePartners Inc, said,
“Ranjan and his team have displayed vision-market fit and have demonstrated the credentials it takes to succeed in the fraud and risk mitigation space. We are honoured to back them and partner with them to take their identity decisioning platform for fraud prevention and compliance management globally. As an investor on both debt and equity sides, it’s clear to us that Fraud prevention is a key priority for Fintechs today.”
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