News Summary

Vancouver-based identity tech company Trulioo has reported a substantial 64 percent year-over-year revenue growth in the Asia-Pacific (APAC) region for 2024, shortly after entering the market in 2023. This growth is driven by a significant increase in identity verification transactions, with a 37-percent jump in demand from online stores and a 55-percent rise from fintech enterprises. The surge in demand is attributed to local customers’ evolving needs, alongside a boom in international payments, regulatory changes, and increasing fraud risks. Trulioo, founded by Stephen Munford and Tanis Jorge in 2011, initially targeted smaller businesses but has since shifted focus to medium and large enterprises. Despite being a private company and not disclosing its finances, Trulioo noted a 34-percent increase in marketplace transactions and a 21-percent climb in payments last year.