Truora, a Colombian user authentication startup, has raised $15 million in Series A funding co-led by Accel and BBVA investment fund Propel. Kaszek and Y Combinator also participated, as well as angel investors from Clara, Jeeves, Platzi, Nowports and Frubana. After this investment round, the company is valued at $75 million post-money.
Truora describes itself as a SaaS startup that builds authentication and communication tools for Latin American startups, marketplaces, fintechs and banks. It specializes in user authentication and onboarding with TruConnect, an integration with WhatsApp. Truora’s TruConnect is a no-code verification solution that enables companies to verify the identity of consumers via WhatsApp.
“By making the integration of Truora’s authentication products into WhatsApp possible, the company is opening a potential addressable market in LatAm of $3.5 billion” said Daniel Bilboa, co-founder and CEO at Truora to Techcrunch.
Truora was originally focused on background checks for gigster platforms, but after its participation in Y Combinator’s Winter 2019 cohort they expanded into digital identity and authentication technologies.
Truora is planning to use the funds to raise its profile in Mexico, and towards its international expansion to the US and Europe. The company is currently active in nine countries, and has opened offices in Mexico, Brazil, Chile, Peru, and San Francisco, beyond its headquarters in Colombia.