Truora, a firm that helps LatAm businesses onboard people using WhatsApp, is backed by VCs and unicorn founders. It is a Colombian access control business that has received $15 million in Series. Funding from two Silicon Valley venture capital firms.
Truora was founded in August 2018 with the goal of performing background checks for gigster platforms. The company’s largest customers in 2018 and 2019 were ride-hailing businesses. With the epidemic, it noticed a spike in e-commerce and market customers.
Truora was a part of Y Combinator’s Winter 2019 cohort. It developed quickly into digital identity verification solutions. In March of that year, it raised $3.5 million in a seed round led by Accel.
Truora is now a Software company that creates authentication.
A startup that helps LatAm businesses onboard users via WhatsApp. Communication technologies for Latin American entrepreneurs, markets, fintech, and banks. It primarily uses WhatsApp for user identification and activation. Its technology offers elements such as automated chatbot chats, facial recognition, and document verification. As well as background checks and automatic boarding.
Truora debuted its WhatsApp-focused Truconnect solution in 2021. With the goal of assisting businesses in connecting with and verifying people through a more accessible channel.
“With little tech requirements from their end, we empower organizations to enhance user acquisition. Reduce onboard down, give 360 customer care, and even sell their services,” said Maite Muniz, co-founder. And chief product officer of the startup and a former McKinsey consultant.
Truora now has over 400 clients in nine Latin American nations.
Rappi, Clara, Bancolombia, Adelantos, Mercado Libre, Didi, Homie, and Global 66 are among the customers. It claims to perform between 400,000 and 500,000 validations and background checks every month. With yearly recurring revenue of more than $4 million and plans to increase by “over 5x in the following year.”
Twilio co-founder and CTO David Cuadrado worked as an engineer for over five years. Co-founder Cesar Pino worked as an engineer for nearly three years.
Colombia, Mexico, Brazil, Chile, Peru, and San Francisco are among the company’s locations. While Truora’s headquarters remain in Cali, Colombia, Muniz claims. That Mexico City is the company’s new main focus or fastest expanding office. A startup that helps LatAm businesses onboard users via WhatsApp.
Truora’s CEO and co-founder Daniel Bilbao claims that the company seeks to lower the barrier to entry by making its goods available.
Truora can be integrated into any company’s product in “less than two weeks,” he claims. According to Bilbao, its most popular channel, WhatsApp, takes less than a day to integrate with a no-code flow builder. The firm is opening up a $3.5 billion potential addressable market in Latin America,” said Bilboa. A former investment banker at Bank of America.
Truora also intends to utilize its new funds to hire. Claiming that it wants to foster an environment “where women may thrive.” Women now make up 70% of the company’s executive team and 45 percent of its workforce. Its goal is to achieve 50 percent equal representation with more than 50 new jobs. “with a special focus on women’s talent for product and engineering,” according to the company.
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