Bureau, a cutting-edge risk intelligence platform focused on fraud prevention, has secured $30 million in a Series B funding round, spearheaded by Sorenson Capital.
The round also saw participation from major investors like PayPal Ventures, along with existing backers Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures. This brings the company’s total funding to $50.7 million, having previously raised $20.7 million in earlier rounds.
The fresh capital will be used to further expand Bureau’s product offerings, ramp up talent acquisition efforts, enhance its go-to-market strategy, and broaden its reach to serve global financial ecosystems. The company aims to scale its AI-driven fraud prevention tools to help businesses across the globe safeguard against financial crimes.
Founded in 2020 by Ranjan R Reddy, Bureau stands out with its AI-powered platform that offers advanced fraud prevention solutions, going far beyond traditional rule-based systems. The platform leverages a proprietary identity knowledge graph, which encompasses over half a billion identities and behavioral data, enabling it to provide real-time, contextual risk intelligence. This approach helps businesses detect and mitigate fraud throughout the entire customer lifecycle.
Bureau’s comprehensive solution suite addresses key challenges like money mule detection, account takeover prevention, fraud ring detection, and onboarding compliance. By providing these advanced capabilities, Bureau enables enterprises in sectors such as banking, fintech, gaming, e-commerce, and consumer internet to protect their operations and ensure a secure experience for legitimate customers.
The global fraud prevention market is experiencing significant growth, driven by a sharp rise in fraud-related losses. Recent data reveals that annual global fraud losses have surpassed $5 trillion, a 56% increase over the last decade. As a result, the fraud prevention industry is projected to grow from $44 billion in 2023 to an astounding $255 billion by 2032.
Bureau is well-positioned to meet this increasing demand by helping organizations stay ahead of emerging fraud tactics. Its platform not only helps businesses navigate complex compliance landscapes but also ensures that genuine customers can access services without unnecessary friction. This balance between security and customer experience is crucial to maintaining revenue growth and retention in an increasingly digital world.
Bureau’s Series B funding marks a significant milestone in the company’s mission to empower businesses with the tools needed to fight fraud effectively. As the company expands its reach and strengthens its product offerings, Bureau is set to continue playing a pivotal role in securing the digital financial ecosystem.
With its AI-driven solutions, Bureau is transforming how enterprises approach fraud prevention, offering actionable insights and intelligent decision-making tools that will be crucial as the fight against fraud intensifies across industries