Trulioo raises $70m with Goldman Sachs, Citi and Santander
Canada-based online identity verification service Trulioo has raised CAD 60 million ($70m) in an investment round led by big backer Goldman Sachs with participation from Citi Ventures and Santander.
Goldman Sachs’ growth equity arm, along with Citi, Spain’s Banco Santander and old investor American Express, made up CAD 60 million of the funding.
Another CAD 10m was raised earlier this year in a separate funding by Blumberg Capital and Business Development Bank of Canada (BDC).
Trulioo’s CEO Stephen Ufford says the company plans to hire an additional 70 people to its 130-strong team, ensuring it “organically scales”.
“With trust comes opportunity and with opportunity comes economic gain, and economic gain is what’s lining those people up at the borders,” says Ufford, referring to those trying to migrate to other countries.
The eight-year-old company, which allows companies to run identity checks, will put half of the funding into product and technology and the other half into sales.
Positioned to scale with issues of trust, privacy and inclusion, Citi Venture’s Matt Carbonara says he is excited to partner with Trulioo.
He adds: “As we transition to a digital economy, Trulioo stands to support all the types of identity verification that global businesses need today.”