Canada’s Trulioo raises $394m led by TCV

Vancouver-based global identity verification company Trulioo has secured $394 million in a Series D funding round led by growth equity firm TCV, valuing it at $1.75 billion.

Existing investors Citi Ventures, Blumberg Capital, Mouro Capital and American Express Ventures also participated.

Jake Reynolds, general partner at TCV and principal Amol Helekar are set to join Trulioo’s board of directors.

Steve Munford, Trulioo president and CEO, said: “This new round of funding will accelerate our goal to become an end-to-end identity platform.

“Our vision is to break down fragmented data silos caused by disparate identity networks, and we will work in partnership with TCV to expand our investments in product innovation, build out AI/ML capabilities and advance our global go-to-market strategy.”

Trulioo cited industry consultants at One World Identity, who have forecast that the US digital identity market alone is projected to increase to over $30 billion by 2023.

Over the past year, Trulioo has doubled revenues, grown its leadership team and opened offices in Dublin, Austin, and San Diego.

“We’re thrilled to lead Trulioo’s landmark investment to further their goal of building an end-to-end identity platform,” said Reynolds.

TCV’s portfolio of investments include Klarna, Netflix, Nubank, Payoneer, and Revolut.