Bureau raises USD $30m Series B amid soaring fraud costs

Bureau has secured USD $30 million in a Series B funding round as global fraud losses reach USD $486 billion annually.

The funding round was led by Sorenson Capital with participation from PayPal Ventures and ongoing support from Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures. This investment is intended to accelerate Bureau's product and geographical expansion to meet increasing global demand.

According to Ranjan Reddy, Founder and CEO of Bureau, the initiative behind the company arose from his personal experience with cyber fraud. His aim is to transform the digital verification process and fraud detection mechanisms. Reddy previously gathered expertise in the field through his work with Qubecell and Boku Identity.

"As cyberfraud reaches unprecedented levels, Bureau stands at the forefront of the fight against digital fraud," said Ranjan Reddy. The company addresses issues such as money mule accounts, deepfake identities, account takeovers, and payment fraud, which have been escalating due to sophisticated AI-powered tools. Bureau employs its proprietary technology, driven by Graph Neural Networks, to tackle these challenges.

Bureau's platform integrates device intelligence, behavioural AI, identity data, and predictive modelling, offering a unified approach to fraud prevention beyond the capabilities of traditional rule-based systems. Its identity knowledge graph encompasses over half a billion identities and behavioural patterns, delivering real-time risk intelligence across the customer lifecycle.

Rob Rueckert, a Partner at Sorenson Capital, stated, "Bureau utilizes a unique combination of device, behavior, financial, and partner data to quickly block scammers without creating deal-breaking headaches for users. 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."

The platform's functionality spans a wide range of applications, including money mule detection, account takeover prevention, fraud ring detection, onboarding compliance, and decisioning workflows. Unlike other solutions acting as data brokers, Bureau employs a privacy-conscious approach, relying on tokenized identities.

Banking, fintech, gaming, and e-commerce companies are among those that have found Bureau's platform particularly beneficial, especially in the face of sophisticated cyber threats and rising regulatory demands. By utilising behavioural AI, Bureau has achieved results ranging from the detection of collusion in gaming platforms to the prevention of synthetic identity fraud in neobanks, and enabled secure lending to new-to-credit customers through enhanced risk profiling.

The recently acquired funding will support Bureau's efforts to enhance data and AI capabilities and extend its geographical reach, beginning with its focus on Asia and expanding to additional markets.

"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.