Digital identity verification startup Trulioo has bagged $394m in a Series D round and achieved a $1.75bn valuation, highlighting the continuous rise of regulation technology startups.

Growth equity firm TCV led Canada-based Trulioo’s Series D raise. TCV general partner Jake Reynolds and principal Amol Helekar will join Trulioo’s board of directors on the back of the deal. Existing investors Amex Ventures, Citi Ventures, Blumberg Capital and Mouro Capital also participated in the regtech’s funding round.

Like several other companies in the regtech space, Trulioo is focused on helping business remain compliant to regulations, such as the EU’s Payment Service Directive (PSD2) and especially its strong customer authentication rules that force businesses to ensure that users really are who they say they are.

Trulioo’s platform enable firms to digitally onboard customers at speed whilst mitigating fraud risk and ensuring regulatory compliance.

The Series D round comes on the back of Trulioo having expanded into new verticals, grown its leadership team and established a presence in Dublin, Austin and San Diego over the last year.

Armed with the new financial muscles Trulioo plans to further tap into the US digital identity market, which is projected to increase to over $30B by 2023, according to One World Identity.

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“This new round of funding will enable us to accelerate our goal to become an end-to-end identity platform,” says Steve Munford, Trulioo president and CEO. “Our vision is to break down fragmented data silos caused by disparate identity networks, and we will work in partnership with TCV to expand our investments in product innovation, build out artificial intelligence/machine learning capabilities and accelerate our global go-to-market strategy.”

The news comes after 2020 proved a record year for the regtech industry in terms of investment. Investment jumped from $3.5bn in 2019 to $10.6bn in 2020, according to KPMG.

The regtech boom is hardly surprising. While the laws that were introduced on the back of the 2008 financial crisis upped the need for compliance solutions, Covid-19 has accelerated businesses digitalisation efforts and with it the demand for regtech solutions.

This is also evident in IDnow’s recent acquisitions of Trust Management AG and Wirecard Communication Services as well as Mastercard’s acquisition of regtech firm Ekata in a deal valued at $850m.