Bureau
Overview
Bureau is a dynamic identity verification and fraud prevention company founded in 2020 by Ranjan Reddy. The company is headquartered in San Francisco but also has significant operations in Bangalore, India. Bureau specializes in offering a no-code identity decisioning platform that aids businesses in fraud prevention, compliance, and enhancing user experiences. As of 2024, Bureau has raised over $50 million across four rounds of funding with support from investors such as Sorenson Capital, PayPal Ventures, and other key financial partners.
Recent Developments
- December 18, 2024: Bureau raised $30 million in Series B funding led by Sorenson Capital, with participation from PayPal Ventures and other existing backers like Commerce Ventures and GMO Venture Partners. This funding aims to enhance product offerings, expand the team, and broaden global reach.
- April 18, 2024: Bureau introduced a Money Mule Score solution that targets fraud in the BFSI (Banking, Financial Services, and Insurance) segment. This solution integrates advanced machine learning to enhance risk assessment during user onboarding.
- 2023-2024: Bureau experienced significant growth, doubling its revenue annually and expanding its clientele to over 150 enterprises across various industries. The rise in cyber fraud incidents globally, which reached $5 trillion in losses, emphasizes the critical demand for Bureau's services, particularly in significant markets like India.
- Throughout 2024: Bureau progressively built strategic partnerships and expanded its market operations, including opening up its services in five new geographic regions, beyond India and North America, to strengthen its footprint in combating global identity fraud challenges.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2020 |
| Headquarters | San Francisco, USA; Bangalore, India |
| Founders | Ranjan R Reddy |
| Revenue | N/A |
| Profits | N/A |
| Key Investors | Sorenson Capital, PayPal Ventures, GMO Venture Partners, Commerce Ventures |
| Industry | Identity Verification, Fraud Prevention |
| Number of Employees | 100+ (as of 2024) |
Early History
Founded by entrepreneur Ranjan Reddy, Bureau was conceived to address the gaps in digital identity verification and fraud prevention, spurred by Reddy's personal experiences with cyber fraud. Launching amid the pandemic in 2020, the company quickly positioned itself as a leader in creating trusted digital environments. Initially, Bureau focused on the BFSI sector, providing robust solutions to automate and secure transactions against fraud. The company's Series A funding raised $12 million in 2022 to further develop its platform, leading to accelerated growth and customer acquisition.
Company Profile and Achievements
Bureau's business model is based on providing comprehensive fraud prevention solutions that unify compliance, security, and risk management into a single platform. Key achievements include:
- Rapid Growth: Achieved a 6x increase in clientele and revenue since its launch.
- Innovative Solutions: Developed advanced AI and machine learning technologies to combat identity fraud and streamline user onboarding.
- High-profile Clients: Partnered with significant enterprises, including banks and fintech companies globally.
- Strategic Acquisitions: Acquired technologies to enhance its offerings, such as those from inVOID, to improve its identity verification capabilities.
Current Operations and Market Position
Bureau continues to focus on expanding its market presence globally, particularly targeting sectors like banking, fintech, e-commerce, and gaming. Its unique selling proposition lies in its ability to provide a seamless user experience while mitigating fraud without jeopardizing customer retention or revenue. The company is recognized for its cutting-edge fraud prevention technologies, which are increasingly relevant in today's cyber-intensive business landscape.
Bureau Company Bangalore
Bureau's Bangalore office serves as a key operational hub, focusing on both technological development and serving the Indian and Asian markets. Located at Chanakya, Attic Space in Bangalore, this branch plays a crucial role in expanding Bureau's reach within the region and beyond.
Bureau Company Salary
Salaries at Bureau vary, with roles such as Lead Product Manager and Software Engineer reportedly earning between ₹35 lakhs to ₹60 lakhs annually. These competitive salary packages reflect Bureau's commitment to attracting top talent essential for its growth and innovation goals.
Bureau ID Funding
Throughout its development, Bureau has successfully raised significant funding, culminating in a total of $50.7 million over several rounds. This secure financial backing has enabled Bureau to expand rapidly and enhance its technological solutions to meet evolving market demands.
Conclusion
Bureau stands out in the identity verification and fraud prevention industry with its innovative solutions and strategic market expansion. Its robust growth and recent funding underscore its impact and potential in safeguarding digital transactions worldwide. As cyber fraud threats escalate, Bureau is poised to drive significant advancements in digital trust and identity security, reinforcing its role as a key player in this vital sector.