CNBC Disruptor 50

27. Trulioo

Founders: Stephen Ufford, Tanis Jorge
CEO: Steve Munford
Launched: 2011
Headquarters: Vancouver
Funding:
 $96.6 million
Valuation: N/A
Key technologies:
 Cloud computing
Industry:
 Security, online identity management
Previous appearances on Disruptor 50 List: 1 (No. 37 in 2017)

George Kavallines

Trulioo is a global identity and business verification company that provides secure access to reliable, independent data sources worldwide to instantly verify consumers and businesses online. Through its worldwide clients — financial institutions, money-transfer companies and online gaming, to name a few — it has instantly verified 5 billion people and 330 million businesses in over 100 countries. Through a single API integration, businesses can meet compliance requirements, mitigate the risk of fraud and increase trust and safety online.

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The company was launched in Vancouver, Canada, by Stephen Ufford and Tanis Jorge. The pair had started and sold three data-driven businesses before creating Trulioo in 2011. They formulated the idea for the company after watching a CNN segment that showed the profound impact on a woman from India after seeing her Facebook profile for the first time. It was then that they realized how many people in the world do not have a cyber identity or any record of their existence and started Trulioo. On March 30, Ufford stepped down as CEO and assumed the role of chairman. Steve Munford, the former interim CEO of data-protection company Carbonite, is now leading Trulioo. Ufford remains the majority shareholder of the company.

During the coronavirus pandemic, when the overwhelming majority of transactions are not done face-to-face, Trulioo's type of verification is crucial. Businesses need a reliable way to verify a person's identity during a transaction, but not have the process be so onerous that customers give up and go somewhere else.

To support small businesses affected by the pandemic, Trulioo has partnered with American Express to provide free identity verification services for three months. The goal is to remove the financial burden for these smaller companies as they shift their products and services online during the pandemic. With free identity verification, businesses can reduce fraud and increase trust online. The company has raised a total of $96.6 million from investors, including Goldman Sachs Growth Equity, American Express Ventures and Citi Ventures.

A look back at the CNBC Disruptor 50: 8 years, 209 companies