Truora raises $15m Series A led by BBVA fund

Colombian e-commerce fintech Truora has raised $15 million in a Series A funding round led by Accel and Propel, the fund that manages BBVA’s fintech investments.

Truora CEO and co-founder Daniel Bilbao

Kaszek and Y Combinator also participated, as well as angel investors from Clara, Jeeves, Platzi, Nowports and Frubana.

Truora provides e-commerce solutions including chatbots, facial recognition, document verification and background checks, which enable companies to speed up user authentication processes and improve customer acquisition and retention rates.

One such offering is Truconnect, a no-code verification solution that connects with customers through WhatsApp.

Truora CEO and co-founder Daniel Bilbao says: “Thanks to LatAm’s WhatsApp penetration being 80-90 percent of the population (550 million people), by making possible the integration of Truora’s authentication products into WhatsApp the company is opening a potential addressable market in LatAm of $3.5 billion.”

The $15 million will be spent on cementing the company’s position in Mexico, with a particular focus on expanding Truconnect. Money will also be funneled towards Truora’s international expansion into the US and Europe.

Truora also plans on hiring more than 50 female professionals from Mexico and Latin America in technology roles.

Since its first round of seed funding in 2019, when it raised $3.5 million, Truora has expanded to operate in more than nine countries, with offices in Colombia, Mexico, Brazil, Chile, Peru and San Francisco.