Trulioo has obtained $6 million in its Series A funding round, TechCrunch reported.
Tenfore Holdings led the round for the identity verification startup. BDC Venture Capital and Blumberg Capital also joined the round. Proceeds from the most recent funding round bring it to $8.3M raised by the company to date, the report said. As part of the deal, Dan Levine of Tenfore Holdings is now part of the Board of Directors of Trulioo, a statement about the funding said.
Trulioo Chief Executive Officer Stephen Ufford shared how the funds will be used in an email to TechCrunch, "The new funds will be used for hiring some new executives, to expand our reach into international markets like the UK where we have had some early success already, and further invest to enhance our product with support for [international] additional social networks like VK, Qzone, and Renren."
Trulioo's software basically determines if an Internet identity is real, generated machine or fraudulent. Websites and mobile apps that use social login to allow users to access their services can use Trulioo's TruDetect software. Before, it only supported Facebook credentials. Now, however, Google+, LinkedIn, Twitter and email address login are also supported by TruDetect. The identity of users is easily verified with the software without added complications. Using Trulioo's API, developers can utilize the product by simply using a few lines of a code or through Gigya, Janrain and other user management platforms. Most of the more than 100 million online identities that Trulioo has scored come from North America and Europe, the statement said.
Safeguarding a site's user community safe is also one advantage of using Trulioo's software. This was the experience of crowdfunding platform FundRazr. CEO Daryl Hatton said in the statement, "We initially looked to social login to help us drive new user registrations and optimize campaign visibility. Now in working with Trulioo, social login is also helping us to fight fraud and keep our user community safe. We are a global platform and we needed a global fraud solution - that had been hard to find previously."
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