Knowing one’s customers is an essential part of running a successful business. Helping organizations ensure their potential clients are trustworthy in today’s digital world, Silicon Valley-based Bureau helps companies manage compliance and prevent fraud along the customer journey. It’s furthering its risk orchestration platform with a $4.5 million extension to its previously announced funding round.
Investors including GMO VenturePartners and GMO Payment Gateway contributed to Bureau’s latest capital raise, capping out the company’s Series A funding round at $16.5 million. Alongside the round, which brings the company's total money raised to $20.5 million, Bureau announced its completed acquisition of inVOID, an identity verification solution.
Bureau helps protect companies in industries like banking, fintech, insurance, the gig economy and more against a number of risks that come with taking on unverified customers. These risks include fake users and fraudulent transactions, financial loss and reputation loss, Ranjan Reddy, Bureau’s CEO and founder, told Built In via email. For instance, the banking industry has seen many cases of money mules, a problem where fraudulent actors open accounts to launder money using stolen identities.
“Businesses need real customers, paying real dollars and posing long-term trust in the business relationship,” Reddy told Built In via email.
This acquisition of inVOID will help Bureau further its platform to help serve more clients. The company also plans to expand its global reach, widen the scope of its intellectual property and broaden its tech stack.
“[This acquisition] adds to the distinct strengths of our device intelligence, behavioral AI, and no-code decisioning platform and brings additional [know-your-cutstomer] and compliance workflows to our real-time, AI-based capabilities,” Reddy said in a statement. “The synergies are a game-changer for companies because for the first time, they have a clear view into whether a digital identity is trustworthy all orchestrated from a single platform.”
As Bureau continues to grow, the company is expanding its team. It’s looking to hire U.S. talent across product, marketing, sales and data science, according to Reddy.
