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Fraud prevention platform Bureau raises $30 Mn in Series B round

Entrackr · 3d

Risk intelligence platform Bureau has raised $30 million in Series B funding, led by Sorenson Capital. The round also witnessed participation from PayPal Ventures, along with existing investors including Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures. The company had previously raised $20.7 million from its existing investors. The proceeds will be utilized to enhance its product portfolio, bolster talent acquisition, scale its go-to-market team, and expand its geographical reach to empower global financial ecosystems, Bureau said in a press release. Founded in 2020 by Ranjan R Reddy, Bureau is an AI-powered platform that delivers real-time, contextual fraud prevention across the entire customer lifecycle, going far beyond traditional rule-based systems. Its proprietary identity knowledge graph, with over half a billion identities and behavioral data, provides actionable risk intelligence and insights, serving global enterprises across banking, fintech, gaming, e-commerce, and consumer internet platforms. According to the Bengaluru-based company, its comprehensive solution suite includes advanced capabilities in money mule detection, account takeover, fraud ring detection, onboarding compliance, and decisioning workflows. Market research indicates that global fraud losses have surged past $5 trillion annually, a 56% increase in the past decade. The fraud prevention industry is projected to grow from $44 billion to $255 billion by 2032. Bureau enables organizations to navigate complex compliance requirements while providing a seamless experience for legitimate customers. It prevents fraud while safeguarding customer retention, revenue, and growth. It competes with IDfy, SpringVerify, AuthBridge, Digio and Perfios-owned Karza.