Fraud and identity platform Bureau closes Series A funding at $16.5M

The San Francisco-headquartered company also acquired inVOID, a Delhi-based identification company.

Fraud and identity platform Bureau closes Series A funding at $16.5M

Tuesday July 18, 2023,

2 min Read

Fraud and identity recognition platform Bureau has raised an additional $4.5 million, closing its Series A funding round at $16.5 million. GMO VenturePartners, GMO Payment Gateway, and existing investors participated in the round, the company said in a statement.

“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," said Ranjan R Reddy, CEO of Bureau, in a statement.

The San Francisco-headquartered company also announced its acquisition of inVOID, a Delhi-based identity verification company.

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Recently, parliamentarians discussed the rising incidents of cybercrime as part of the Standing Committee on Finance. Growing at a massive pace, the cybercrime market as a whole is estimated to reach at least $13.6 billion by 2025, growing at a compounded annual growth rate (CAGR) of 21%, as per a report by NASSCOM and DSCI.

"Compliance regulations are no longer limited to the banking sector. Nearly every sector—the gig economy, crypto, gaming, ecommerce—faces regulations, some for the very first time," said Reddy. Bureau's acquisition of inVOID will strengthen its own device intelligence, behavioural AI, and no-code decisioning platform, he added.

Bureau works in the spheres of fraud prevention and compliance management across sectors, including banking, fintech, insurance, the gig economy, and real money gaming, among others.

The company claimed its revenue jumped 6X in the last 12 months and has completed identity verification for over 300 million users to date. It has offices across Bengaluru, Singapore, and Dubai.

Edited by Kanishk Singh