On Tuesday, we announced exciting news for Trulioo and our customers around the world: the company has raised CAD $70 million to fund our next phase of growth.
This new investment includes $60 million in Series C financing led by Goldman Sachs Growth Equity, with participation from Citi Ventures, Santander InnoVentures and existing investor American Express Ventures. The investment also includes $10 million in unannounced follow-on funding from early investors Blumberg Capital and BDC Capital. Our total capital investment since 2011 is now $96.6 million.
We are proud to include these prominent banks among our investors, particularly because financial institutions are a key market for our identity verification services. Regulations for combating money laundering and terrorism funding become more complex and demanding by the day. More than ever, established banks and fintech challengers need automated digital solutions for verifying identities.
“Digital businesses today are under immense pressure to adhere to strict compliance regulations, remain secure, and deliver compelling user experiences. Trulioo has proven to be a key partner in helping global businesses address all of these challenges,” said Mark Midle of Goldman Sachs’ Merchant Banking Division.
The importance of fighting money laundering and fraud while building trust and financial inclusion applies to many other online businesses, such as payment providers, marketplaces, and asset exchanges. Fuel by McKinsey estimates that the addressable market for identity verification services will reach $20 billion by 2022, and Trulioo is well positioned to pursue that market.
This funding will drive the company’s expansion on a number of fronts. We’re developing our verification platform, GlobalGateway, so that it can meet the needs of more customers in more markets, and we continue to partner with new data sources to increase coverage. Today GlobalGateway can verify over 5 billion people and 250 million businesses, and this investment will help fuel the growth required to verify the entire world population.
Building trust online
To accomplish our mission of building trust online, we’ll be adding more talented contributors to our team. The work culture at Trulioo is collaborative and ambitious, with the opportunities for career advancement that you’d expect at a growing firm. We offer the chance to work with clients that include top global companies and fledgling startups. Our plan is to increase from 130 to 200 employees within the next year, and our current job openings include roles in growth, technology, data partnership, sales and marketing.
Trulioo is adding office space in Vancouver to accommodate more staff, so we’ll be moving into an additional floor in a building near our downtown headquarters. Our San Francisco and Dublin offices will also welcome more members, and we are expanding our sales team internationally.
“We’ve followed the Trulioo story closely for several years and have been consistently impressed with the company’s ability to serve some of the largest and most sophisticated enterprises in the world. We are excited to support Trulioo as it continues to innovate and helps to enhance trust and privacy in an increasingly digital world,” said Chase Williams of Goldman Sachs’ Merchant Banking Division.
Trulioo has been growing rapidly, but this is still just the beginning. We continue to be inspired by the amazing opportunities of a digital identity ecosystem where everyone can participate in a seamless, secure connected world. Trulioo is truly thrilled for what the future holds.