The Mexican startup specializing in digital fraud prevention Trully has closed a $4.1M seed round led by Costanoa Ventures. Other participants in this round were angel investors Pablo Viguera, co-founder and CEO of Belvo, and Juan Pablo Ortega, CEO of Yuno and co-founder of Rappi.
Trully developed software to address fraud related to identity theft and to strengthen the authentication of Know Your Customer systems. The startup uses facial recognition and machine learning technology to construct data on fraudsters:
“Cybercriminals can modify almost anything, from email data, phone numbers, geolocation and even a fingerprint. But they can’t modify your facial features. That’s why we developed a technology that uses facial recognition as a unique key and works even if there is an attempt to hide or modify a facial image,” Trully’s CEO Fernando González Paulin said.
The startup is building a collective intelligence identity enrichment platform. With this data, customers can make informed decisions to minimize the risk in their organizations and protect their businesses against impersonation fraud, which could represent millions in losses.
Trully’s founders are former Rappi employees. Fernando González Paulin, Carl W. Handlin and Eric Balderrama launched Rappi’s credit card in 5 countries.
These new funds will be invested to improve Trully’s technology, strengthen its biometric intelligence platform, recruit talent and continue its growth in Mexico and Latin America.