Sorenson Capital is leading a $30 million Series B funding round for the risk intelligence platform Bureau. PayPal Ventures participated in the round in addition to the previous investors, which were Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures. Prior to this, the business had raised $20.7 million from its current investors.

According to a press release from Bureau, the money will be used to improve its product line, support hiring new employees, grow its go-to-market team, and broaden its geographic reach in order to support international financial ecosystems.

Established in 2020 by Ranjan R. Reddy, Bureau is an artificial intelligence (AI) driven platform that goes well beyond conventional rule-based systems to provide real-time, contextual fraud prevention throughout the whole customer lifecycle.

With more than 500 million identities and behavioral data, its proprietary identity knowledge graph offers global enterprises in the banking, fintech, gaming, e-commerce, and consumer internet platforms actionable risk intelligence and insights.

The Bengaluru-based company claims that advanced capabilities in money mule detection, account takeover, fraud ring detection, onboarding compliance, and decisioning workflows are all part of its comprehensive solution suite.

According to market research, the annual global losses from fraud have risen to over $5 trillion, a 56% increase over the previous ten years. By 2032, the fraud prevention market is expected to increase from $44 billion to $255 billion.

Bureau offers legitimate customers a smooth experience while helping organizations manage complicated compliance requirements. It safeguards revenue, growth, and customer retention while preventing fraud.