Trulioo unites business and personal identity verification in one platform
Well-funded identify verification company Trulioo Inc. today is launching a unified global platform for personal and business verification. The company is also introducing a no-code workflow builder and low-code integrations. Customers will now be able to use a single platform for identity information matching, document verification, utility data for proof of address, business verification, watchlist screening and monitoring and anti-fraud capabilities.
Trulioo, which has raised nearly $475 million, automates a process that is mostly manual in most industries and geographies. Its business verification tools provide real-time access to company filings from official registers and run checks on ultimate beneficial owners. The service also tries to identify a company’s ownership structure by pulling data from more than 400 vetted sources, the company says.
Its personal identification service conducts a similar matching process and allows applicants to provide documentary evidence such as government-issued identity cards and photos. The service is used for payment verification and onboarding of financial services customers in identity-sensitive businesses such as cryptocurrency exchanges, said Michael Ramsbacker, Trulioo’s chief product officer.
“If you are onboarding a new user that could be a person or business and you need to know who they are either for compliance or trust/safety reasons we do that across multiple countries,” he said.
For example, personally identifiable information data checks vary from country to country with some requiring national identity cards and others having no identity checks at all. “Most enterprises have 15 or 20 different identify vendors to stitch together and we help them do that,” Ramsbacker said. “We’re optimized to get as many good users through your funnel as possible.”
The low-code tools can be used to integrate Trullioo’s service into existing workflows as well as to build new ones. It’s based on technology the company picked up with its acquisition last year of HelloFlow ApS, a maker of no-code drag-and-drop development software for onboarding, monitoring and digital workflows.
Trulioo said its growth has been driven by the recent surge in online shopping, mobile payments and digital currencies amid a growing number of regulations that require businesses to know more about the customers and companies they do business with as well as to prevent money laundering.
Founded in 2011, Trulioo currently has about 460 employees, “a healthy balance sheet and top investors,” Ramsbacker said. About 70% of its business is verifying individuals but demand for its business verification services has been growing rapidly, he said. Pricing was not announced.
Show your support for our mission by joining our Cube Club and Cube Event Community of experts. Join the community that includes Amazon Web Services and Amazon.com CEO Andy Jassy, Dell Technologies founder and CEO Michael Dell, Intel CEO Pat Gelsinger and many more luminaries and experts.