San Francisco-based startup, Bureau, has recently raised an additional $4.5 million in funding, bringing the total funds secured by the company to $20.5 million. The funding round was led by GMO VenturePartners and GMO Payment Gateway, with continued support from existing investors.
Bureau is a cutting-edge fraud and identity decisioning platform that has experienced exponential growth in the past year. Its revenues and customer numbers have surged six-fold, making it a prominent player in the fraud prevention market. The company has verified over 300 million identities through its platform and serves various 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.
The company’s identity decisioning platform sets it apart from competitors. It has the unique ability to rapidly orchestrate massive and disparate data, allowing it to effectively recognize, structure, and amplify risk signals. This capability enables companies to make instantaneous and accurate decisions, ensuring the authenticity and good intentions of their customers while safeguarding their digital identities and privacy.
To further fortify its global reach and expand its offerings, Bureau recently acquired inVOID, a Y Combinator-backed identity verification startup. This strategic acquisition broadens Bureau’s intellectual property scope, strengthens its tech stack, and enhances its compliance workflows, enabling a seamless and comprehensive fraud prevention and compliance solution.
The rise in cyber fraud incidents has driven the demand for fraud detection and prevention platforms. Gartner estimates that cyber fraud will cost $1 trillion annually by 2025, leading to a projected market size of $142 billion for fraud detection and prevention platforms by 2028. The banking, financial services, and insurance sectors will account for a significant portion of this expenditure.
GMO VenturePartners expressed confidence in Bureau’s capabilities and the increasing demand for fraud prevention solutions in the fintech industry. The investment firm recognizes Bureau’s potential to become a market leader in fraud prevention and risk mitigation. With prominent investors like Okta, XYZ Capital, Quona Capital, and Village Global backing Bureau, the company is well-positioned to make significant strides in the fraud prevention market.
Bureau’s no-code platform delivers reliable and accurate conclusions about the trustworthiness of digital identities, enabling fraud prevention, compliance management, and seamless digital journeys for legitimate customers. The collaboration with GMO VenturePartners, a strategic investment subsidiary of GMO Internet Group, strengthens Bureau’s position in the market and fosters innovation in digital ecosystems.
The ultimate goal of Bureau and GMO VenturePartners is to create a secure digital world where startups and enterprises can transact confidently. By fortifying digital ecosystems and fostering innovation, they aim to mitigate evolving cyber threats and create a safer and more prosperous future.
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