A Colombia-based startup focused on user authentication solutions, Truora announced a $15 million Series A co-led by Propel and Accel. The new funding’s main purpose is to take the startup‘s newest onboarding solution through WhatsApp to new markets, starting with Mexico. Launched last year, Truconnect helps companies connect and verify users through the messaging app.
The high penetration of WhatsApp in LatAm (between 80% and 90% of the region), Daniel Bilbao, CEO and co-founder at Truora, said in a press statement that the new product has opened up a $3.5 million market for the startup in the region. Besides Bilbao, Maite Muñiz (CPO), Cesar Pino (tech lead), and David Cuadrado (CTO) are also co-founders of Truora.
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The round was also followed by previous investors, such as Kaszek and Y Combinator, and leading Latin American entrepreneurs from startups like Jeeves, Clara, Nowports, Frubana, and Platzi. Founded in 2018, Truora operates in nine Latin American countries and has offices in Colombia, Mexico, Brazil, Chile, Peru, and San Francisco (US). “With the Series A round, we plan to explore new markets and strengthen our position in the user acquisition market,” Bilbao told LABS.
Marketplaces and fintechs make up most of Truora’s over 350 B2B clients — Rappi, Clara, Bancolombia, and Didi are some of them. Among the startup‘s solutions are automated chatbot conversations, facial recognition, document verification, and background checks.
“Truora has established itself as a go-to solution for identity verification and a key enabler for user acquisition. We have seen great promise in how their WhatsApp authentication capabilities can solve pain points in financial services and other industries, and are excited to support Truora on this journey,” said David Mort, general partner at Propel, in a press statement.
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Truora has also another goal that comes with the new round: hiring 50+ female professionals in Mexico and LatAm. “We are proud to help increase female leadership participation in the tech world – today, 45% of Truora’s team are women, and we want to keep increasing this share,” stressed Muñiz.
In 2021, Truora posted $3.5 million in Annual Recurring Revenue. Bilbao didn’t disclose the exact goal for 2022 to LABS but said that the startup‘s main purpose is to expand and position itself as the lead platform in user acquisition in LatAm.