The Risk Mitigator Bureau is a full-stack identity platform for authentication, verification and fraud protection
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"We take care of risk, so you can take care of business," said Ranjan Reddy, founder and CEO of Bureau.
The platform is a full-stack identity platform for authentication, verification and fraud protection.
"With the growing use of the Internet, Identity theft, Phishing and cyber fraud are common these days. I have experienced the impact first hand. Since then, I've been obsessed with building a construct where growth without risk is possible for businesses and users. Our full-stack identity verification and fraud prevention platform protects and accelerates onboarding, verification and transactions without introducing friction for the consumer."
Digital fraud is a growing concern in India. TransUnion India's analysis shows financial services had the highest significant increase in attempted fraud rates, predominantly, identity theft at 88.5 per cent. "In the wake of increasing data leaks and alarming incidences of identity theft, ensuring the trust and security of identity will become a focal point for any business and every user."
Every decision made on its platform is underwritten by a financial guarantee that reimburses merchants for any fraud losses which occur under its watch. "Companies are asking two questions to every user: Can you prove you are who you claim to be? and can we trust you? Users on the other hand, want assurances that their data is in safe hands. Trust is a two way street and new age online trust and safety standards will give the competitive edge for companies that take them seriously."
"We have built a network of intelligence of over 100s of unique data signals , combined with our proprietary device intelligence capabilities as well as capabilities from global partnerships. Our intelligence and fraud detection models have been trained on billions of data points unique to the Indian market and validated across a network of clients."
The platform has raised $16 million- plus till date. It raised $12 million in Series A in December 2021 and $4.2 million in a Seed round in August 2020.
"Product, engineering and data science form our largest teams and are areas where we'll continue to invest the most. The fundraise will be utilized towards doubling our investments in launching cutting-edge products, forging long-term customer relationships and attracting great risk talent."
The company has teammates, partners and advisors, who bring decades of experience in building products for identity verification, authentication and fraud prevention from companies such as American Express, Transunion, Amazon, Paypal, GSMA, ,Goldman Sachs, Okta, among others.
In the next two years, the company aims to make 100 million verified identities, 500 customers, across 10 markets.