Highlights
Bureau Secures $30 Million in Series B Funding to Enhance Fraud Prevention Technologies
Bureau, a leading risk intelligence platform, has successfully secured $30 million in its Series B funding round, spearheaded by Sorenson Capital. This round also saw contributions from PayPal Ventures and several existing investors, including Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures. Previously, Bureau raised $20.7 million from its current backers.
Planned Use of Funds
The newly acquired funds will be allocated towards:
- Expanding Bureau’s product offerings
- Recruiting top-tier talent
- Enhancing marketing strategies effectively
- Growing its international presence to strengthen global financial systems
Overview of Bureau
Founded in 2020 by Ranjan R Reddy, Bureau leverages artificial intelligence to provide real-time fraud prevention throughout the customer journey, outperforming traditional rule-based models. The company’s unique identity knowledge graph encompasses over 500 million identities, along with behavioural insights that equip businesses across various sectors, including:
- Banking
- Fintech
- Gaming
- E-commerce
- Consumer internet platforms
Bureau’s Product Offerings
The Bengaluru-based firm presents a comprehensive suite of advanced features, including:
- Money mule detection systems
- Account takeover prevention mechanisms
- Fraud ring identification
- Onboarding compliance measures
- Optimised decision-making workflows
The Rising Demand for Fraud Prevention Solutions
Recent industry studies show that global losses due to fraud have exceeded $5 trillion annually, marking a significant 56% increase over the last decade. The fraud prevention market is set for remarkable growth, escalating from a current valuation of $44 billion to an anticipated $255 billion by 2032.
Bureau helps businesses navigate intricate compliance demands while maintaining a smooth experience for legitimate customers. The platform effectively combats fraudulent activities while preserving customer retention and potential revenue growth.
Establishing a Competitive Edge
In a landscape crowded with fraud prevention providers like IDfy, SpringVerify, AuthBridge, Digio, and Karza (a subsidiary of Perfios), Bureau stands out with its innovative approach.