# TrueBiz **Source:** https://geo.sig.ai/brands/truebiz **Vertical:** Security **Subcategory:** General **Tier:** Emerging **Website:** truebiz.com **Last Updated:** 2026-04-14 ## Summary Instant business KYB verification delivering 250+ data points for fintech onboarding automation; $2.9M from Flourish Ventures and YC competing with Middesk for financial institution business verification. ## Company Overview 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. 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. 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. ## Frequently Asked Questions ### What is TrueBiz? TrueBiz is a New York-based security company that provides instant business background checks to help financial service providers reduce manual review during business onboarding. Founded in 2022 by Danny Hakimian and Max Morlocke, the company delivers 250+ data points on companies to help identify risk indicators and prevent fraud. ### What products and services does TrueBiz offer? TrueBiz offers instant business background checks that provide 250+ company data points including industry, address, and key risk indicators. The service uses comprehensive data aggregation and risk scoring to automate business verification and KYB (Know Your Business) processes. ### Who are TrueBiz's target customers? TrueBiz targets financial services providers who need to onboard business customers faster while avoiding fraud. The company serves organizations seeking to automate their business verification and KYB processes while reducing manual review. ### When was TrueBiz founded? TrueBiz was founded in 2022 by Danny Hakimian and Max Morlocke. The company participated in Y Combinator's Summer 2022 batch. ### Where is TrueBiz located? TrueBiz is based in New York, NY. ### How much funding has TrueBiz raised? TrueBiz has raised $2.9M in total funding, including a $2.4M seed round in January 2023. The seed round was led by Flourish Ventures with participation from Homebrew, The Fintech Fund, and Y Combinator. ### What data does TrueBiz provide in its background checks? TrueBiz delivers 250+ data points on companies gathered from around the web. These data points include company industry, address, and key risk indicators used for comprehensive business verification. ### What is TrueBiz's technology approach? TrueBiz uses comprehensive data aggregation from around the web combined with risk scoring to automate business background checks. This approach helps financial services providers reduce manual review and onboard business customers faster. ### How does TrueBiz help prevent fraud? TrueBiz helps prevent fraud by providing instant access to 250+ data points and key risk indicators on businesses during the onboarding process. This enables financial services providers to identify potential risks quickly while reducing the need for manual review. ### What are TrueBiz's recent developments? TrueBiz raised a $2.4M seed round in January 2023 led by Flourish Ventures with participation from Homebrew, The Fintech Fund, and Y Combinator. The company is demonstrating growth in the business verification and KYB market. ## Tags b2b, cybersecurity, saas, security, startup --- *Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*