Muramatsu says fraud prevention is a key priority for fintechs
Bureau, headquartered in San Francisco with offices in Bangalore, Singapore and Dubai, says as revenues and customer growth increased 6x in the last 12 months, GMO VenturePartners has added US$4.5 million to the existing US$12 million Series A.
Backed by this, Bureau is eyeing strategic partnership with GMO Payment Gateway and has acquired YC-backed identity verification startup inVOID to enhance its global coverage, widen its IP scope and broaden its tech stack.
With the completion of the latest round, total funding for the startup has reached US$20.5 million to date.
The company also has a strong presence in supporting startups from EC, payment, ad-tech and enterprise SAAS sectors in regions such as Japan, China, Vietnam, Singapore, Philippines, Thailand, Indonesia and the US.
Founded in 2020, Bureau is an identity decisioning platform for fraud prevention and compliance management. Businesses use the Bureau risk orchestration platform to manage compliance and prevent fraud for their entire customer journey.
Today, the company serves customers across banking, fintech, insurance, the gig economy, and real money gaming, among others. Bureau’s revenues have grown 6x in the last 12 months, with over 300M identities verified through its platform.
Bureau was set up by Ranjan Reddy, who earlier founded payments startup Qubecell in Asia. It was acquired by Boku, and Ranjan served as the Chief Business Officer at Boku Identity, which was later acquired by Twilio.
Bureau is the culmination of Ranjan’s experience of two decades in innovating customer journey and the start of a source of truth for a network of verified identities.
“We founded Bureau to build a single source of digital trust,” Reddy, CEO and founder of Bureau, said on 19 July 2023.
“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,” said Reddy.
In addition to the funding round, Bureau has completed the acquisition of inVOID, a YC-backed identity verification startup. Bureau intends to leverage this to enhance its global coverage, widen its IP scope and broaden its tech stack.
Looking at the current fraud scenario, which is estimated to be US$1 trillion by 2025, Ryu Muramatsu, Director/Founding Partner at GMO VenturePartners, said, “As an investor on both debt and equity sides, it is clear to us that fraud prevention is a key priority for fintechs today, and Bureau is in a great position to become a market leader in this space.
“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.” Fiinews.com
