Electronic

identity verification landscape

Market trends
Increasing number of financial organizations to violate compliances: http://www.amlabc.com/amltimelines-on-historical-scale/
Trulio

Initial Product: software that scores Internet identities as authentic, machine generated or
fraudulent. The software is targeted for use by websites and mobile applications that support
social login. Social login adoption is rapidly growing and a recent study by Gartner, projected
ecommerce adoption to hit 50% by 2015 due in large part to the ease of use within mobile apps1
Business development: in June 2014 acquired Global Data Company, which specializes in
electronic, cross-border identity verification and entered the sector. According to the video
https://www.trulioo.com/resources/product-videos/#prettyPhoto/3/ the company provides
KYC and identification for Australia, other countries?
Results: $3m revenue run-rate, $8.3m in venture funding, 13 Paying Enterprise Customers, 33
Paying SMB, Churn: 4.2% (total?).
Pricing: from $19/month + $0.65 for each transaction above 20
Special features: add new data sources if required
Trulioo has also partnered with an ID document verification startup called IDChecker.com to
develop a mobile technology to replace the traditional student ID card.2

Main conclusion:

They have traction with reputable players

They must have a considerable technology advantage over established players in the sense that
they could build everything on web based technologies. That is not the case for the
established players who have heavy and expensive legacy systems. The established folks have
heavy sales force (people) costs for selling in the old way.
That technology and approach also enables them to service a client active in a number of
international markets in a pretty consistent way (even with different data bases), which the
established guys do not yet quite manage

Equifax

Equifax Inc. is a consumer credit reporting agency in the United States, considered one of the
three largest American credit agencies along with Experian and TransUnion. Founded in 1899,
Equifax is the oldest of the three agencies and gathers and maintains information on over 400
million credit holders worldwide. Based in Atlanta, Georgia, Equifax is a global service provider
with US $1.5 billion in annual revenue and 7,000+ employees in 14 countries. Equifax is listed on
the NYSE.3
Initial Product:

http://www.prweb.com/releases/2014/03/prweb11638614.htm
http://www.forbes.com/sites/tomgroenfeldt/2015/04/01/regulators-fall-behind-social-media-in-globalpayments/3/
3
http://en.wikipedia.org/wiki/Equifax
2


Experian

Experian plc is a global information services group with operations in 40 countries. The company
now employs 17,000 people with corporate headquarters in Dublin, Republic of Ireland and
operational headquarters in Nottingham, United Kingdom; Costa Mesa, California, United
States; So Paulo, Brazil; and Heredia, Costa Rica. It is listed on the London Stock Exchange and
is a constituent of the FTSE 100 Index. Experian is a partner in the U.K. Government's Verify ID
system.
Identity checking services: Identity checking with Prove ID only UK
o UK and international verification
Payment checking (bank wizard)
o Link customer with a bank account
o Your customers want to pay you and receive payments with minimum fuss, ensuring
you have the correct bank account details for the account they own is key to making this
happen.
Questioner
Document checking



TransUnion

TransUnion is an American company that provides credit information and information

management services to approximately 45,000 businesses and approximately 500 million
consumers worldwide. It is also the third-largest credit bureau in the United States. Like major
competitors Equifax and Experian, TransUnion markets credit reports directly to consumers. The
company is based in Chicago, Illinois, and its revenue in 2011 was US$ 1.024 billion.


https://blockscore.com/
Y-combinator backed startup, raised $2m in 2014

Onfido

Checkr

UK startup, raised $5m.

Focus on: Identity Check, Document Check, Criminal Check, Watchlist Check, Negative Media
Check, Education Check

Y-combinator backed startup, raised $9m in 2014.

Focus on background check for employers, partners, etc.