Bureau, a frictionless verification and fraud detection platform, has raised $12 million in a Series A round led by Quona Capital, with Commerce Ventures, Okta Identity, and strategic angels Mark Britto, EVP Chief Product Officer at Paypal, and Bobby Mehta, Retd. President and CEO of Transunion also participating.

In August 2020, Bureau raised $4.2 million in a seed round from XYZ Ventures, Blume Ventures, Village Global, EMVC, and Sweat Equity Ventures, who also participated in the Series A investment.

The new financing will be utilised to improve the products and expand the company's presence in India and Southeast Asia. The business also wants to expand its present capabilities in end-to-end customer onboarding and introduce products, such as account takeover prevention, transaction monitoring, and resolving RTO and chargeback use cases.

“COVID has created a transformative opportunity to remove inefficiencies across the digital ecosystem. Solving friction around transactions and trust for businesses and consumers is absolutely critical for hyper-growth in global emerging markets and Asia, and we think Bureau’s full-stack solution has tremendous potential,” says Ganesh Rengaswamy, co-founder and managing partner at Quona. “We are excited to see Bureau’s growth and ambition to become the gold standard to ensure that people and businesses can truly trust one another enough to transact safely, and deliver digital and financial inclusion.”

According to Fortune Business Insights, post-pandemic, demand for fraud detection and prevention platforms has increased internationally, with the market size expected to expand from $26.97 billion in 2021 to $141.75 billion in 2028.

“We are proud to be at the forefront of making mobile transactions a safer and effortless experience. Hyper- growth of the online economy demands a risk infrastructure that will support and scale with it. Bureau’s identity verification platform will enable this growth without the risk of cyber fraud, and friction. We are excited to double our investments in building cutting edge products, forging long term customer relationships, and attracting great talent to build a trust network that lets businesses and users transact with confidence,” said Ranjan Reddy, chief executive, Bureau.

Bureau, founded by Reddy in 2020, assists organisations in automating decisions, onboarding good consumers, preventing fraud, and enabling seamless user experiences.

Jupiter Money, Goibibo, Aditya Birla Capital, ICICI Prudential, India Gold, and PhonePe are among the fintech and financial services companies that have used the platform to verify over 12 million identities to date.