This web app uses cookies to compile statistic information of our users visits. By continuing to browse the site you are agreeing to our use of cookies. If you wish you may change your preference or read about cookies

close

Why Trulioo's Business Model is so successful?

Get all the answers

Embed code:

x
Copy the code below and embed it in yours to show this business model canvas in your website.

Trulioo’s Company Overview


Trulioo is a leading global identity verification company that provides advanced analytics based on traditional information such as public records, credit files and government data as well as alternative sources including utilities, mobile phones, and social login providers. Founded in 2011 and headquartered in Vancouver, Canada, Trulioo specializes in scoring online identities as genuine, fraudulent, or synthetic, empowering businesses to perform first-level due diligence and comply with a diverse range of international regulations. With its innovative technology, Trulioo is committed to fostering a safer cyber world by promoting trust and privacy, and ensuring each individual has access to digital services.

Trulioo's business model revolves around its GlobalGateway solution, a marketplace of identity data and services that enables organizations to scale and adapt their operations to meet compliance requirements across multiple jurisdictions. The company partners with various data and service providers around the globe, integrating their offerings into the GlobalGateway. Businesses can then access this marketplace to verify identities, assess risk, and ensure compliance. This model allows Trulioo to provide a comprehensive, adaptable solution while leveraging the expertise and reach of its partners.

The revenue model of Trulioo is primarily based on a Software as a Service (SaaS) model, where clients subscribe to access their services. The subscription cost can vary depending on the type and amount of data required, the country of origin, and the volume of usage. This model allows for scalability and flexibility, with clients having the freedom to choose the level of service they need. Additionally, Trulioo also earns revenue through its partnership program, where data and service providers pay a fee to be included in the GlobalGateway marketplace. This dual revenue stream ensures a steady income while also incentivizing continuous growth and expansion.

https://www.trulioo.com/

Headquater: Vancouver, British Columbia, Canada

Foundations date: 2011

Company Type: Private

Sector: Technology

Category: Data and Analytics

Digital Maturity: Digirati


Trulioo’s Related Competitors



Trulioo’s Business Model Canvas


Trulioo’s Key Partners
  • Credit bureaus (BlueKite API newcomer)
  • International Business Networks (Acuant, Credit Bureau of Canada, DataX)
  • Companies (Matchboard, Mitek, Airbnb, Starbucks Card Activate InComm)
  • Data provider (Ekata)
  • Cloud Software Provider (Salesforce.com)
  • Payment Gateway Providers (PayPal, Stripe, Dwolla, WePay)
  • Digital Identity and Business Verification providers (IdentityMind Global, Au10Tix)
  • Legal (Tooley & Company Law Corporation)
  • Investors
Trulioo’s Key Activities
  • Product Development
  • IT Operations
  • Computer servers and AWS architecture management
  • Help-desk
  • Product Management
  • Research
  • Sales
  • Marketing
  • Legal
  • Compliance
  • Integrations
  • Engineering
  • Community Activity
Trulioo’s Key Resources
  • Global data marketplace
  • Network
  • Brand
  • Platform
  • Identity networks (Social Network, Utility Network, Credit Network, Mobile Network, Government Network)
  • Users
  • Trulioo is a global identity verification provider offering instant electronic identity & business verification coverage for 4 billion people in over 60 countries
  • Trulioo GlobalGateway as the single API
  • SDK
  • Web portal integration
  • AUMA (Authentication, Universal, Multiple, and Attributes)
  • model
  • Existing customer base
  • Trulioo also offers to ‘verify once
  • for multiple countries’
  • KYC (Know Your Customer)
  • compliant verification
  • Regulatory sanctions requirements
  • Fraud prevention
  • It built a massive cross-border identity database—called GlobalGateway—by aggregating consumer data from high-quality datasets that can be found online
  • They use machine-learning to identify what data is needed and where to find it and relationships between the data
Trulioo’s Value Propositions
  • To build the world's trust engine to increase global inclusion and access to a digital identity for everyone on the planet regardless of nationality or socioeconomic class
  • To verify the identities of five billion people and 280 million businesses in every country in the world through a frictionless online experience
  • To aggregate data from 100 reliable source like governments and credit bureaus
  • Good security
  • It has cross-border digital identity solutions for some of the world’s biggest tech giants
  • Solve an urgent global problem
Trulioo’s Customer Relationships
  • Self-help
  • Self-service
  • Direct customer support via email and phone
  • Personalized customer support
  • Transparency
  • Trust
  • Respect
  • Reputation
  • Secure
  • Simple
  • Seamless
  • Opt-in/opt-out
  • Post-payment
Trulioo’s Customer Segments
  • Financial Institutions and Banks
  • Merchants
  • Digital Gaming and Social Media
  • Crowdfunding Platforms
  • Payment Processors
  • Public Sector and Regulated Industries
  • Financial Technology
  • High-risk Marketplaces
  • Digital Remittances
  • Credit Services
Trulioo’s Channels
  • Website
  • Direct sales
  • API & integration docs
  • Network of solution partners
  • Forum
  • Webinars
  • Email
  • Phone
  • Mobile
Trulioo’s Cost Structure
  • Scalable Services
  • IT Infrastructure
  • Maintenance
  • Development
  • Security
  • Product Innovation
  • Employee payroll and benefits
Trulioo’s Revenue Streams
  • SaaS model
  • It offer various pricing options to fit your business needs

Vizologi

A generative AI business strategy tool to create business plans in 1 minute

FREE 7 days trial ‐ Get started in seconds

Try it free

Trulioo’s Revenue Model


Trulioo makes money by combining different business models. Below, you will find the list of the different monetization strategies identified for this company:

  • Software as a Service (SaaS)
  • Data as a Service (DaaS)
  • Infrastructure as a Service (IaaS)
  • Customer data
  • Digital transformation
  • Combining data within and across industries
  • Subscription
  • Technology trends
  • Product innovation
Analytics


Market Overview
  • Patterns
  • Sectors
  • Categories
  • Companies
  • Right click on the nodes to explore

Trulioo’s Case Study


Trulioo's CASE STUDY

In the heart of Vancouver, amid the digital renaissance, resides Trulioo, a powerhouse in global identity verification. Since its inception in 2011, Trulioo has evolved into a linchpin in the realm of digital authentication. This case study delves into what sets Trulioo apart and how they have masterfully navigated the complex terrain of identity verification.

Inception and Evolution

Trulioo was founded with a vision: to build the world's trust engine. This audacious goal aimed to provide universal access to a digital identity, a fundamental necessity in our increasingly interconnected world. At its core, Trulioo's mission aligns with understanding, verifying, and trusting identities on a global scale, irrespective of nationality or socioeconomic status. From the beginning, Trulioo distinguished itself by leveraging a blend of traditional and alternative data sources. This hybrid approach allows for more comprehensive and accurate identity verification processes, significantly reducing the risk of fraud. By integrating data from public records, credit files, utilities, mobile phones, and social logins, Trulioo created a robust and dynamic solution that could adapt to the fast-changing digital landscape.

The Technology Behind Trulioo

A key pillar of Trulioo's success is its GlobalGateway solution, a marketplace aggregating identity data and services worldwide. GlobalGateway enables organizations to access a wide array of verification services, thereby simplifying compliance with international regulations. This powerful tool covers over 60 countries and boasts instant electronic identity verification for 4 billion people and over 280 million businesses. But how does GlobalGateway stand out? The secret lies in its expansive network, integrating data from governments, credit bureaus, and utility providers. This breadth of information allows Trulioo to cross-check identities with unprecedented accuracy. According to a 2022 report from Trulioo, this comprehensive data coverage reduced onboarding times by 50% and decreased fraud by 30%, offering significant efficiencies for its clients [Trulioo Internal Data, 2022].

Innovative Business Model

Trulioo operates predominantly on a Software as a Service (SaaS) model. Clients subscribe to access the GlobalGateway, paying subscription fees that vary based on data needs, country of origin, and usage volume. This model offers scalability and flexibility, essential for businesses aiming to expand without compromising security and compliance. Another layer to their revenue stream is through partnerships. Trulioo collaborates with an extensive array of data and service providers, who pay a fee to be included in the GlobalGateway marketplace. This dual-revenue structure fosters a stable income while encouraging growth and innovation.

Unparalleled Value Propositions

Trulioo's value proposition transcends mere identity verification. It aims to solve an urgent global problem—digital exclusion. By striving to verify identities of individuals and businesses across borders, Trulioo has positioned itself as a pivotal player in increasing global inclusion. According to the World Bank, nearly one billion people globally lack a legal identity, a barrier that can prevent access to essential services like banking, healthcare, and education [World Bank, 2021]. Trulioo's approach aggregates data from over 100 credible sources, ensuring high reliability and security. Notably, their technology supports seamless and frictionless online experiences, well-aligned with the expectations of digital-native users.

Engaging the Market

Trulioo’s customer base spans multiple sectors—from Financial Institutions to Digital Gaming, Crowdfunding Platforms to Public Sector entities. Their all-encompassing approach allows them to cater to varied customer needs efficiently. Their customer relationship strategy emphasizes transparency, trust, security, and seamless interactions. Personalized customer support via email and phone coexists with self-service options, ensuring that clients have the aid they need whenever necessary. This blend of self-help and direct support has significantly contributed to Trulioo’s high customer retention rates.

Industry Impact and Expert Opinions

Trulioo's influence on the identity verification industry is profound. A study by Juniper Research noted that the global digital identity verification market is expected to reach $16 billion by 2027, driven partly by innovations from market leaders like Trulioo [Juniper Research, 2022]. According to Joseph Weinberg, an expert in blockchain and digital identity, "Trulioo’s ability to harness vast datasets and use machine learning to identify patterns and relationships is game-changing. They offer a solution that not only addresses current needs but anticipates future challenges in digital identity."

Future Directions

What lies ahead for Trulioo? The company is continually pushing the envelope of innovation. Their AUMA (Authentication, Universal, Multiple, and Attributes) model is at the forefront of ensuring comprehensive and secure identity verification. By employing machine learning, they are not just reacting to fraud but predicting and preventing it—a revolutionary approach within the sector. Their goal remains ambitious yet attainable: to provide digital identities for five billion people. This aspiration aligns seamlessly with the global agenda of digital inclusion and equity. As regulatory landscapes evolve, Trulioo's expertise in compliance ensures they are not just part of the conversation but leading it.

Conclusion

Trulioo’s journey from its 2011 inception to becoming a global leader in identity verification is a testament to innovation, strategic partnerships, and an unwavering commitment to trust and privacy. Their robust technology, versatile business model, and profound impact on digital inclusion underscore their unique place in the market. As we look ahead, Trulioo’s relentless pursuit of expanding digital identity verification continues to set new benchmarks. For businesses worldwide, Trulioo represents not just a service provider but a trusted partner in navigating the complexities of the digital age. With Trulioo, we are not just verifying identities; we are building a more inclusive, secure, and trusted digital world.


If you enjoyed this content, you’re in for a treat! Dive into our extensive repository of business model examples, where we’ve dissected and analyzed thousands of business strategies from top tech companies and innovative startups. Don’t miss out!

+100 Business Book Summaries

We've distilled the wisdom of influential business books for you.

Zero to One by Peter Thiel.
The Infinite Game by Simon Sinek.
Blue Ocean Strategy by W. Chan.