Trully, a platform focused on digital fraud prevention announced the raise of a US$4.1 million seed round led by Costanoa Ventures. In addition, angel investors such as Pablo Viguera, co-founder and CEO of Belvo, and Juan Pablo Ortega, CEO of Yuno and co-founder of Rappi, also participated.
With this investment, the startup founded in Mexico by Fernando González Paulin, CEO and former Chief Data Officer of RappiCard Mexico; Carl W. Handlin, CTO, who worked as Global Director of Data Science at RappiCard; and Eric Balderrama, COO, who was CISO at RappiCard, will seek to improve its technology and strengthen operations in Mexico, where it will be recruiting talent in engineering and development.
In 2021, the financial cost of fraud worldwide was US$5.38 trillion, according to The Financial Cost of Fraud 2021 report. In Latin America, 1 in 5 online transactions is rejected due to possible digital fraud. In the region, customer identity verification remains the main challenge to reduce fraud in digital channels, as 44% of frauds carried out were related to this problem, notes the report The True Cost of Fraud in Latin America 2021 by LexisNexis Risk Solutions.
Given this situation, Trully developed software to improve the authentication of KYC (Know Your Customer) systems and prevent identity theft and financial fraud through facial recognition using machine learning to obtain more accurate data. With this technology, companies can detect fraud individually and power a system to protect an entire network of companies.
“Cybercriminals can modify almost everything from email data, phone numbers, geolocation, and even a fingerprint. But they can’t modify your facial features. That’s why we developed a technology that uses facial recognition as a single key and works even if there is an attempt to hide or modify a facial image,” Truly’s CEO said in a press release.
The startup assured that it complies with the Federal Law on the Protection of Personal Data in Possession of Private Parties and is seeking various certifications for cybersecurity protection.
Trully’s solution is currently in the testing phase with multiple financial technology startups. In this first stage, it is aimed at fintech and e-commerce companies.
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