Vancouver, British Columbia, Canada
Trulioo is a Vancouver-based digital identity verification company that operates across 195 countries, serving online platforms, neobanks, trading firms, and marketplaces that need to verify individuals and businesses during onboarding. The company charges on a consumption basis, billing per identity check at rates that range from cents to several dollars depending on country and complexity.
Steve Munford, who took over as CEO in early 2020 after a multi-year relationship with the founding team, guided Trulioo from roughly $20 to $30 million in annual revenue at the time of his arrival to approximately $100 million by late 2021, representing 100% year-over-year growth. The company closed a $394 million Series D in mid-2021 at a pre-money valuation of $1.6 billion, with $150 million placed on the balance sheet and $244 million distributed as secondary liquidity to the founder, early angel investors, and roughly 40 to 50 employees.
Trulioo reported positive EBITDA of approximately 5% in 2021 alongside its 100% growth rate, producing what Munford described as a Rule of 120 score. Net dollar retention was approaching 150%, driven by a usage-based model in which existing customers expand as their own platforms grow globally. The company employed just over 300 people as of December 2021, with about 100 engineers and roughly half of total headcount based in Canada.