Digital identity and authentication platform Bureau raises $30M in Series B round
The company will use the capital to enhance its product portfolio, amp up talent acquisition, scale its go-to-market team, and expand its geographical reach to empower global financial ecosystems in this war against fraud.
Bureau, a risk intelligence platform designed to prevent digital fraud has raised $30 million in a Series B round led by Sorenson Capital.
PayPal Ventures as well as existing investors Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures also participated in the round.
The company will use the capital to enhance its product portfolio, amp up talent acquisition, scale its go-to-market team, and expand its geographical reach to empower global financial ecosystems in this war against fraud, according to a statement.
Earlier in 2023, the San Francisco-headquartered company had raised $16.5 million in its Series A round.
Founded in 2020 by seasoned entrepreneur Ranjan R Reddy, Bureau's AI-powered platform delivers real-time, contextual fraud prevention across the entire customer lifecycle, going far beyond traditional rule-based systems.
“As cyberfraud reaches unprecedented levels, Bureau stands at the forefront of the fight against digital fraud. The investment from Sorenson Capital and PayPal ventures validates our revolutionary approach to fraud prevention and accelerates our mission to protect businesses and consumers worldwide,” said Ranjan R Reddy, Founder & CEO, Bureau.
“Bureau uses a unique combination of device, behavior, financial, and partner data to quickly block scammers without creating deal-breaking headaches for users,” said Rob Rueckert, a Partner at Sorenson Capital.
“By preventing fraud while avoiding any harm to customer retention, revenue, and growth, Bureau is truly differentiated in the vast and significant fraud-prevention space, and the proof is in their success,” he added.
With a client base of over 150, Bureau serves a wide array of industries, including banking, fintech, gaming, e-commerce, and consumer internet platforms.
Edited by Affirunisa Kankudti