Company Overview
About TrueBiz
TrueBiz is a New York-based business verification and fraud prevention platform that provides instant business background checks for financial services companies — delivering 250+ data points on businesses including industry classification, registered addresses, ownership structure, beneficial owners, sanctions screening, adverse media, and risk indicators, enabling fintech companies, neobanks, and payment processors to automate business onboarding KYB (Know Your Business) compliance rather than reviewing applications manually. Founded in 2022 by Danny Hakimian and Max Morlocke and a Y Combinator S22 graduate, TrueBiz raised $2.9 million including a $2.4 million seed round led by Flourish Ventures in January 2023.
Business Model & Competitive Advantage
TrueBiz's instant verification API aggregates data from business registrations, state databases, sanctions lists (OFAC, UN, EU), beneficial ownership databases, and public records to generate a comprehensive business risk profile in seconds. The 250+ data points enable financial institutions to make automated onboarding decisions for low-risk businesses and flag high-risk applications for manual review, replacing the days-long manual KYB process that creates friction for legitimate businesses and allows risky ones to slip through slow processes.
Competitive Landscape 2025–2026
In 2025, TrueBiz competes in the KYB and business verification market with Middesk (business identity verification), Socure (identity verification including business), Comply Advantage (AML/sanctions screening), and global compliance data providers (LexisNexis Risk Solutions, Dun & Bradstreet) for business onboarding compliance. FinCEN's beneficial ownership reporting requirements (effective 2024 under the Corporate Transparency Act, which require most US companies to report beneficial owners) have increased the importance of accurate beneficial ownership data for financial institutions verifying business clients. Flourish Ventures' investment (a fintech-focused impact fund) reflects the importance of accurate business verification for inclusive financial access — legitimate small businesses deserve fast, fair onboarding. The 2025 strategy focuses on growing with fintech and neobank customers, deepening the beneficial ownership database, and building the ongoing monitoring that alerts when a verified business's risk profile changes.
Recent Activity
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Emerging Innovator
TrueBiz is an emerging player bringing innovative solutions to the Security market.
Frequently Asked Questions
Estimated Visibility Trend (Beta)
Simulated 8-week rolling score
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