Fraud and identity platform Bureau closes Series A round at $16.5 Mn

Verification and fraud protection platform Bureau has raised an additional $4.5 million from GMO VenturePartners, GMO Payment Gateway, and existing investors to close its Series A funding round at $16.5 million. 

With the latest round, the total funding for the startup has reached $20.5 million to date. The startup raised $12 million in the first tranche of Series A round led by Quona Capital in December 2021.

Founded in 2020 by Reddy, Bureau helps businesses automate their decisions, on-board good customers, prevent fraud, and power user experiences.

Headquartered in San Francisco, with offices in Bengaluru, Singapore, and Dubai, the startup claims that its revenues have grown six-folds in the last 12 months, with over 300 million identities verified through its platform. 

In addition to the funding round, Bureau has completed the acquisition of inVOID, a YCbacked identity verification startup. Bureau plans to leverage this to enhance its global coverage, widen its IP scope and broaden its tech stack.

In April, Stack Identity, an automation identity and access management (IAM) governance company, raised a $4 million seed funding round co-led by US-based WestWave Capital and Benhamou Global Ventures.