Bureau raises $30M Series B as global fraud losses hit $486B
San Francisco, Dec. 18, 2024 (GLOBE NEWSWIRE) -- AI isn’t just making fraud smarter – it's making it nearly impossible to catch. With global losses hitting $486B annually, Bureau today announced $30M in Series B to level the playing field. A leading risk intelligence platform, which has seen its revenue grow 3x since it’s last fundraise, is arming businesses with AI to combat the exponential rise in sophisticated fraud attacks worldwide.
The round was led by Sorenson Capital with participation from PayPal Ventures and continued support from Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures. The funding will accelerate Bureau's product expansion into new use-cases, and geographical expansion to several new markets worldwide to meet a significant surge in global demand.
For founder and CEO Ranjan Reddy, the mission is personal. After falling victim to cyber fraud himself, he built Bureau to transform how businesses verify digital identities and detect fraud. Through his experience building Qubecell and Boku Identity, Reddy recognized that "Who are you?" and "Can I trust you?" are fundamental questions every digital company must answer at each step of the customer journey.
Bureau founder and CEO Ranjan Reddy
"As cyberfraud reaches unprecedented levels, Bureau stands at the forefront of the fight against digital fraud," explained Ranjan Reddy, CEO and Founder. Money mule accounts, deepfake identities, account takeover, and payment fraud have surged with sophisticated AI-powered tools, impacting every corner of the digital economy. Bureau's proprietary technology, powered by Graph Neural Networks, neutralizes these threats to the digital economy.
Traditionally, compliance, fraud, security, and credit risks have been siloed in companies and served by multiple point solutions in each domain. Bureau's platform brings together device intelligence, behavioral AI, identity data, and predictive modeling to deliver contextual fraud prevention that goes beyond traditional rule-based systems. The company's proprietary identity knowledge graph now contains over half a billion identities and behavioral patterns, providing real-time risk intelligence across the entire customer lifecycle.
"Bureau utilizes a unique combination of device, behavior, financial, and partner data to quickly block scammers without creating deal-breaking headaches for users,” said Rob Rueckert, a Partner at Sorenson Capital. “By preventing fraud while avoiding any harm to customer retention, revenue, and growth, Bureau is truly differentiated in the vast and significant fraud-prevention space, and the proof is in their success.”
What typically would require several vendor integrations, multiple data API outputs, and complex rule engines can now be accomplished through one platform. Bureau's comprehensive capabilities span money mule detection, account takeover prevention, fraud ring detection, onboarding compliance, and decisioning workflows. Unlike other solutions that act as data brokers,
Bureau shares decisions rather than consumer data, with tokenized identities built into its privacy architecture.
The platform has proven particularly valuable for banking, fintech, gaming, and e-commerce companies facing sophisticated cyber threats and increasing regulatory pressures. Results demonstrate its impact across use cases – from detecting collusion in gaming platforms through behavioral AI, to preventing synthetic identity fraud in neobanks, to enabling secure lending to new-to-credit customers through improved risk profiling. As a result, Bureau has earned recognition as a top global leader in preventing fraud by Liminal.
The funding will support two key expansion initiatives: enhanced data and AI capabilities to improve decision efficiency and coverage, and geographical expansion to serve more markets globally. Bureau's current focus has been on Asia, and this round will fuel its expansion to additional regions, enabling more businesses worldwide to access its comprehensive fraud prevention capabilities.
"In an era where AI-powered fraud threatens the digital economy, Bureau's focus will remain on improving digital trust by protecting and accelerating customer journeys," added Ranjan Reddy. The future of fraud is AI-powered. Now, with Bureau, the future of prevention is, too.
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About Bureau
Bureau is a no-code identity decisioning platform that empowers businesses to prevent fraud, ensure compliance, and enhance user experiences. With solutions spanning customer onboarding, account monitoring, device intelligence, behavioral biometrics, and transaction monitoring, Bureau offers comprehensive protection across the entire customer journey. Its proprietary Identity Bureau Network leverages contextualized data to provide actionable insights, helping businesses make informed decisions about digital identities. Bureau serves a wide array of industries, including banking, fintech, gaming, e-commerce, and consumer internet platforms. For more information, visit https://www.bureau.id/
About Sorenson Capital
Sorenson Capital is a leading venture capital firm focused on investing in early and growth-stage B2B software companies in the application layer, artificial intelligence, cybersecurity, data, and infrastructure sectors. With over $1.5 billion of assets under management, the firm supports entrepreneurs through every stage of their journey to accelerate revenue growth and further their product leadership position.
About PayPal Ventures
PayPal Ventures is the global corporate venture arm of PayPal. We invest for financial return in companies at the forefront of innovation in fintech, commerce enablement, digital infrastructure, and crypto/blockchain technologies. Through the expertise, experience, and vast network of PayPal Ventures – and the companies we invest in – we are helping to bring transformative solutions to market faster. For more information, please visit: www.paypal.vc
For further information please contact the Bureau press office: Bilal Mahmood on b.mahmood@stockwoodstrategy.com or +44 (0) 771 400 7257
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