Trulioo has launched a $100,000 Fuse Fund to encourage independent developers to collaborate on leveraging the power of cyber identity data, such as data from mobile apps, ad networks and social login.
“We want to drive full financial inclusion by verifying the identities of the most challenging demographics,” said Stephen Ufford, CEO and founder of Trulioo.
“In today’s world, if you don’t have government-issued ID or prior credit history, it can be nearly impossible to have access to financial services,” he added.
The Fuse Fund was created to spearhead efforts to bridge the “digital divide” by fusing traditional and cyber identity data to increase coverage in emerging markets and advance financial inclusion, says Trulioo.
With the help of Fuse developers, Trulioo hopes to provide greater electronic identity verification coverage for more people in more places. The fund will award $5,000 to up to 20 app developers to build an API that provides access to user data that will be used for identity verification purposes.
Trulioo’s Fuse Fund aims to strengthen confidence in cyber identity data as an alternative source for identity verification, which will ultimately be used to verify the identities of the world’s 2.5 billion unbanked. Fuse developers will have the unique opportunity to make a difference by helping to empower the unbanked through access to services previously never available to them.
“Our mission is to ensure that the world’s population has access to all of the same services as in developed countries,” Ufford said. “Services like banking, e-commerce, peer-to-peer marketplaces, and financial services. The first step is to be able to verify someone’s existence and then authenticating that they are the person transacting online.”
Applications are currently being accepted online.