Mumbai-based identity verification and fraud protection platform Bureau has raised $30 million in its Series B funding led by Sorenson Capital, per an announcement on Wednesday.
The round also saw participation from PayPal Ventures, along with existing investors including Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures, the company said in a statement.
The funding will accelerate Bureau’s product expansion into new use cases, and geographical expansion to several new markets worldwide to meet a significant surge in global demand, the statement added.
Founded in 2020 by Ranjan R Reddy, Bureau is a no-code identity decisioning platform that helps businesses prevent fraud, ensure compliance, and enhance user experiences.
The company had previously raised $4.5 million in an extended Series A round led by Japanese tech giant GMO Venture Partners and GMO Payment Gateway in July 2023.
“Money mule accounts, deepfake identities, account takeover, and payment fraud have surged with sophisticated AI-powered tools, impacting every corner of the digital economy. Bureau’s proprietary technology, powered by graph neural networks, neutralizes these threats to the digital economy,” said Ranjan Reddy, CEO and Founder of Bureau.
Bureau is currently working with companies across the banking, fintech, gaming, and e-commerce industries. The company’s current focus has been on Asia, and the fresh investment will fuel its expansion to more regions.
