San Francisco-based startup Bureau, a cutting-edge fraud and identity decisioning platform, has recently secured an impressive $4.5M in additional funding.
The round was led by GMO VenturePartners and GMO Payment Gateway, along with continued support from existing investors.
Bureau raises $16.5M with A round series, bringing the overall funding received by the startup to an impressive $20.5M to date.
Bureau raises $16.5M in funding
Bureau has raised $16.5M in the latest funding round. Over the past year, the company has experienced exponential growth, with revenues and customer numbers surging six-fold.
Having verified over 300 million identities through its platform, Bureau caters to diverse sectors, including banking, fintech, insurance, the gig economy, and real money gaming. With headquarters in San Francisco, Bureau also maintains offices in Bangalore, Singapore, and Dubai.
Bureau’s identity decisioning platform is distinguished by its ability to rapidly orchestrate massive and disparate data, enabling it to recognize, structure, and amplify risk signals effectively.
This capability empowers companies to make instantaneous and accurate decisions, ensuring their customers’ authenticity and good intentions while safeguarding consumer digital identities and privacy.
Bureau recently acquired inVOID, a Y Combinator-backed identity verification startup, to fortify its global reach and expand its offerings.
This strategic acquisition broadens Bureau’s intellectual property scope, strengthens its tech stack, and enhances its compliance workflows, allowing for a seamless and comprehensive fraud prevention and compliance solution.
Bureau Raises $16.5M to fight online cyber fraud
In an increasingly cyber-fraud-ridden world, Gartner estimates that cyber fraud will cost a staggering $1 trillion annually by 2025.
As a result, the market for fraud detection and prevention platforms is projected to reach $142 billion by 2028, with the banking, financial services, and insurance sectors accounting for 73% of the expenditure.
Ryu Muramatsu, Director/Founding Partner at GMO VenturePartners, expressed unwavering confidence in Bureau’s capabilities and the surging demand for fraud prevention solutions in the fintech industry.
The investment firm is eager to support Bureau’s growth and global expansion, recognizing the startup’s potential to become a market leader in fraud prevention and risk mitigation.
Bureau‘s no-code platform is designed to deliver reliable and accurate conclusions about the trustworthiness of digital identities, enabling fraud prevention, compliance management, and seamless digital journeys for legitimate customers.
Backed by prominent investors like Okta, XYZ Capital, Quona Capital, Blume Ventures, Commerce Ventures, and Village Global, Bureau is well-positioned to make significant strides in the fraud prevention market.
Bureau, a pioneering no-code fraud and identity decisioning platform collaborates with GMO VenturePartners, a strategic investment subsidiary of GMO Internet Group.
Bureau offers comprehensive fraud prevention, risk management, and identity verification solutions. GMO VenturePartners supports early and growth-stage startups in various sectors globally.
Together, they synergize their expertise to fortify digital ecosystems and foster innovation. The collaboration enables businesses to thrive amidst evolving cyber threats.
Their dedication to a secure future empowers startups and enterprises to transact confidently, laying the groundwork for a safer and more prosperous digital world.
Media Disclaimer: This report is based on internal and external research obtained through various means. The information provided is for reference purposes only, and users bear full responsibility for their reliance on it. The Cyber Express assumes no liability for the accuracy or consequences of using this information.
