Identity verification provider Trulioo Inc. is feeling a lot richer today after securing $394 million in a late-stage round of funding.

TCV led the Series D round, with participation from existing investors Amex Ventures, Citi Ventures, Blumberg Capital and Mouro Capital.

Vancouver-based Trulioo sells a digital identity and address verification platform that works for both individuals and businesses. The company’s customers use the service to identify their customers in order to fulfill “Know Your Customer” verification rules.

Trulioo began life as verification service for Facebook Inc., and later Google LLC, that was used to identify if people’s accounts were real. It has expanded from those roots and now offers its GlobalGateway application programming interface that helps companies in the e-commerce, digital payments, remittance and financial services industries to establish that their customers are who they claim to be.

What sets Trulioo apart is its business verification tools, which provide real-time access to company filings from official registers and runs checks on ultimate beneficial owners. The service also tries to identify a company’s ownership structure by pulling data from more than 400 vetted sources, the company says.

The GlobalGateway API goes even further, screening each identity it verifies against watchlists to ensure those people are not wanted criminals, suspected money launderers, terrorists or sanctioned individuals. Identities are screened against sanctions lists from the U.N., the EU and other organizations, law enforcement lists from Interpol and various national police forces, and also lists from governing regulatory bodies such as financial and securities commissions. And each verification it makes is recorded for posterity.

Trulioo has grown considerably over the past year as the COVID-19 pandemic pushed more people to do business online. The company said it has doubled its revenue in the past year, off an undisclosed base, expanded into a number of new verticals and opened new offices in Dublin, Austin and San Diego. It boasts dozens of well-known customers, including Facebook, Airbnb Inc., ByteDance Ltd., Spotify Inc., Netflix Inc., Payoneer Inc. and Zillow Inc.

Trulioo believes it has room to grow much bigger, citing a recent report from One World Identity LLC that says the digital identity market in the U.S. will grow to more than $30 billion by 2023.

Trulioo President and Chief Executive Steve Munford said the pandemic-induced shift online has brought digital identity to the forefront of more company’s considerations.

“Our vision is to break down fragmented data silos caused by disparate identity networks, and we will work in partnership with TCV to expand our investments in product innovation, build out AI/ML capabilities and advance our global go-to-market strategy,” he explained.

Image: Trulioo