Trulioo — Case Study
The
Challenge
12
FrontFundr’s mission to transform
private capital markets and unlock
greater investment opportunities
for Canadians required a secure,
compliant, low-friction onboarding
experience for investors.
FrontFundr, based in Vancouver, British Columbia,
understood that to democratize access to private
markets, it had to remove unnecessary steps and
lower the hurdles that often keep the general public
from investing in early stage and growth companies.
But, according to the Financial Transactions and
Reports Analysis Centre of Canada, regulated entities
must meet Know Your Customer (KYC) and Anti-
Money Laundering (AML) requirements.
In meeting its regulatory obligations, FrontFundr
needed to verify the identity of individuals and
corporate investors. At the same time, the company
didn’t want identity verification to slow down
onboarding by introducing unnecessary friction.
The operations team at FrontFundr wanted to ensure
the company’s online investing experience lasted no
more than 12 minutes. To achieve that, it needed an
identity verification system to reduce onboarding time.
Before learning about Trulioo, FrontFundr relied on
a credit bureau’s identity verification system. The
system, however, proved to be sluggish and error-
prone. Bogged down by mistakes and delays, the
FrontFundr team had to contact users directly over
the phone.
That was when FrontFundr chose to integrate with
Trulioo and its suite of verification services.
“Once we started using Trulioo, our identity verification
time reduced from five minutes to one minute for
successful verifications,” said a FrontFundr director
of operations.
The operations team at FrontFundr
wanted to ensure the company’s
online investing experience lasted no
more than 12 minutes.