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Goldman, Citi and Santander invest in ID verification outfit Trulioo

Goldman, Citi and Santander invest in ID verification outfit Trulioo

Big-name financial services players Goldman Sachs, Citi and Santander have joined a funding round for Canadian identity verification outfit Trulioo.

Goldman Sachs Growth Equity led a C$60 million Series C round, with participation from Citi Ventures, Santander InnoVentures and existing investor American Express Ventures. In addition, Trulioo says it received C$10 million in unannounced follow-on funding from early investors Blumberg Capital and BDC Capital last year.

Trulioo claims to provides instant global identity verification for five billion consumers and more than 250 million business entities in areas such as banking, e-commerce and payments in over 195 countries — all through a single API integration.

The firm will use the latest funding to push into new markets and boost its headcount from 130 to 200, with hiring planned for Vancouver, San Francisco and Dublin.

"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,” says Mark Midle, Goldman Sachs merchant banking division.

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