Bureau, a risk intelligence platform designed to prevent digital fraud, has raised $30 million in a Series B round led by Sorenson Capital.
In addition to PayPal Ventures, existing investors Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital, and XYZ Ventures also participated in the round.
The company will use the capital to enhance its product portfolio, enhance talent acquisition, scale the go-to-market team and expand its geographic reach to empower the global financial ecosystem in this war against fraud, a statement said.
Earlier in 2023, the San Francisco-headquartered company raised $16.5 million in its Series A round.
Founded in 2020 by veteran entrepreneur Ranjan R Reddy, the bureau’s AI-powered platform provides real-time, contextual fraud prevention across the entire customer lifecycle, going far beyond traditional rules-based systems.
“As cyber fraud reaches unprecedented levels, the Bureau is at the forefront of the fight against digital fraud. Sorenson Capital and PayPal’s investment validates our revolutionary approach to fraud prevention and accelerates our mission to protect businesses and consumers worldwide,” said Bureau Founder and CEO Ranjan R. Reddy. .
“The Bureau uses a unique combination of tools, behavioral, financial, and partner data to quickly block scammers without creating deal-breaking headaches for users,” said Rob Ruckert, partner at Sorenson Capital.
“Preventing fraud while avoiding any loss in customer retention, revenue and growth, the Bureau truly stands out in the vast and important fraud prevention space, and the proof is in their success,” he added.
With a client base of over 150, the bureau serves a wide range of industries including banking, fintech, gaming, e-commerce, and consumer internet platforms.