Magma Partners Invests in Truora to Help Eliminate Fraud in Latin America

December 18, 2018

February 23, 2021

Truora is a Colombian startup that aims to combat fraud in Latin America by providing instant background checks and identity theft detection services for businesses.

Truora was founded in 2018 in Bogota, Colombia by Cesar Pino, Daniel Bilbao, and Maite Muniz who shared a vision of helping the Latin American economy develop by increasing trust during hiring or transactions.

In just over a year of operations, Truora has already expanded into Colombia, Peru, Chile, and Mexico, and soon expects to be in Brazil. Magma Partners recently invested an undisclosed amount which will help Truora with its expansion throughout Latin America.

"We're really excited to support the founders on their mission to eliminate fraud in Latin America. The Truora service is really valuable for many of our portfolio companies going forward," said Nathan Lustig, Managing Partner at Magma Partners.

Truora has also received investments from Kaszek Ventures and Accel Partners. Among the 100 companies that Truora has helped process background checks are Rappi, Uber, and Davivienda.

"I decided to launch Truora because I wanted to give back to the region where I was born by solving a big problem. I'm happy to partner with Magma Partners to make this a reality," said Daniel Bilbao, CEO and cofounder of Truora.

Although Truora is based in San Francisco, California, the bulk of its operations are in Cali, Colombia, and Mexico City.

Fraud detection and background checks are an essential piece of the Latin American infrastructure that Truora will solve as Checkr has in the US market.