Bureau Bags $30 Mn To Offer Fraud Prevention Solutions To Enterprises

SUMMARY

The funding round also saw participation from some of its existing investors - Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital and XYZ Ventures

The startup plans to use the fresh capital to boost its product portfolio, scale up workforce, especially go-to-market team and expand its geographical reach to empower global financial ecosystems, Bureau said in its statement

Founded in 2020 by Ranjan R Reddy, Bureau offers real-time digital fraud prevention solutions to businesses across banking, fintech, gaming, e-commerce, and consumer internet platforms

AI-driven B2B startup Bureau has secured $30 Mn (around INR 254 Cr) in a Series B funding led by Sorenson Capital, along with participation from PayPal Ventures.

The round also saw participation from some of its existing investors – Commerce Ventures, GMO Venture Partners, Village Global, Quona Capital and XYZ Ventures

Founded in 2020 by Ranjan R Reddy, Bureau offers real-time digital fraud prevention solutions to businesses across banking, fintech, gaming, e-commerce, and consumer internet platforms.

“As cyberfraud reaches unprecedented levels, Bureau stands at the forefront of the fight against digital fraud. The investment from Sorenson Capital and PayPal ventures validates our revolutionary approach to fraud prevention and accelerates our mission to protect businesses and consumers worldwide,” said Reddy.

Bureau’s solution suite includes advanced capabilities in money mule detection, account takeover, fraud ring detection, onboarding compliance and decisioning workflows.

The Reserve Bank of India (RBI) is also working towards fraud monitoring, as it was reported a few weeks ago that it is looking to develop an AI-enabled system to alert individuals about real-time financial fraud.

The Reserve Bank of India Innovation Hub (RBIH), an RBI subsidiary, has developed MuleHunter AI, an artificial intelligence and machine learning (AI/ML) model to help banks and financial institutions detect mule accounts used by fraudsters.

Earlier this year, the Department of Telecommunications (DoT) launched its ‘Digital Intelligence Platform’ (DIP) and ‘Chakshu’ facility to combat cybercrime and financial fraud.

With reliance on digital technology and AI, we are also witnessing a surge in cyber and financial fraud. RBI Governor Shaktikanta Das, during the 90th High-Level Conference organised by the RBI, cautioned that a heavy reliance on AI could lead to concentration risks in the financial sector.

On the flip side, new AI-powered startups are also bringing solutions to minimise financial frauds and risks.