Canadian identity verification fintech Trulioo secured a $375 million Series D funding round led by TCV that included Citi and American Express, per Pymnts. The raise brings Trulioo’s valuation to $1.75 billion. The fintech, which provides digital ID solutions, operates across industries, but it focuses on financial services, including banking, cryptocurrencies, foreign exchange, and wealth management.
Trulioo can currently verify 5 billion consumers and 330 million businesses in real time—and it’s working to reach everyone around the globe.
The raise could set Trulioo up for a public offering in the near future. It has been speculated that a digital ID startup would be next in line to go public after fintechs increasingly turned to exit strategies in the first quarter of this year. And some of the big digital ID startups recently raised funding, including Fenergo’s $600 million private equity sale and Socure securing $100 million. Moreover, UK counterpart Onfido has been preparing for an IPO over the last year—CEO Husayn Kassai stepped down in November to hand over the task of taking the fintech public to Mike Tuchen. Trulioo's mega-round could be the start of a similar strategy—in December, Insider Intelligence included Trulioo in a list of digital ID startups most likely to go public. The startup recently appointed Matt Schatz as its new chief revenue officer, who oversaw cloud solutions provider Rackspace’s initial public offering.