Bureau, a business-to-business (B2B)-focused identity verification and fraud protection platform, said Tuesday it has raised $30 million (about Rs 250 crore) in Series B funding led by American venture capital firm Sorenson Capital, a top executive told VCCircle.
PayPal Ventures, the global corporate venture arm of PayPal, also joined as a new investor in the round. Existing investors Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures pitched in, too.
Bureau will use the fresh capital to grow its product portfolio, team and expand its geographical reach, founder and chief executive Ranjan R Reddy told VCCircle.
“There is a lot of demand both in terms of going deeper into these industries (that we’re addressing), but new industries and new geographies as well and we want to service it. We'll invest more in sales and marketing and customer success,” said Reddy. “We want to invest a lot more in R&D and product innovation, because fraud is evolving very fast.”
Reddy previously founded payments solution provider QubeCell, which was acquired by American firm Boku. He later set up an identity division at Boku that was acquired by Twilio. He set up Bureau in 2020.
Bureau is a no-code identity decisioning platform that helps prevent fraud, ensure compliance, and enhance user experiences for businesses. Its solutions span across customer onboarding, account monitoring, device intelligence, behavioral biometrics, and transaction monitoring.
The company has offices in Bengaluru, Mumbai, San Francisco and Singapore. It has customers in North America, India and parts of Southeast Asia and the Middle East. The startup caters to industries including financial services, ecommerce, gig economy and consumer internet platforms, among others.
“By preventing fraud while avoiding any harm to customer retention, revenue, and growth, Bureau is truly differentiated in the vast and significant fraud-prevention space, and the proof is in their success,” said Rob Rueckert, partner at Sorenson Capital, in a statement.
The startup last secured $4.5 million in an extended Series A round from GMO Venture and existing investors.
Previously, in 2021, it had secured $12 million (around Rs 90 crore) in a Series A funding round led by Quona Capital. It 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.