Bureau, a business-to-business (B2B) focused identity verification and fraud protection platform has raised $12 million (around Rs 90 crore) in a Series A funding round led by Quona Capital, Ranjan Reddy, Founder and CEO of Bureau said in an exclusive interaction with VCCircle.
Bureau had raised a seed round of $4.2 million (around 31.5 crore) in August 2020 from XYZ Ventures, Blume Ventures, Village Global, EMVC and Sweat Equity Ventures, he added.
Reddy said the latest funding will be used to enhance the products and establish a wider footprint in India and South-East Asia. The company also plans to double its current capabilities in end-to-end customer on-boarding and launch solutions including account takeover prevention, transaction monitoring and solving return-to-origin (RTO), and chargebacks use cases.
Reddy said the company has completed the verification of 12 million identities through the platform to date. The company has a customer base in fintech and financial services that includes Jupiter Money, Goibibo, Aditya Birla Capital, ICICI Prudential Mutual Fund, India Gold, and PhonePe among others.
He said by the end of 2022, Bureau aims to complete 100 million identities and increase the customer base to 50. Currently, it has over 20 B2B clients.
“We are excited to double our investments in building cutting edge products, forging long-term customer relationships, and attracting great talent to build a trusted network that lets businesses and users transact with confidence. We are one of the first companies in this space in India,” added Reddy.
As per Fortune Business Insights, fraud detection and prevention platforms globally have witnessed a rise in demand, post-pandemic, with their market size projected to grow from $26.97 billion in 2021 to $141.75 billion in 2028.
Headquartered in San Francisco, Bureau also has a presence in India and Malaysia.