CEO Insights team, 0
Trulioo, a global identity verification startup, announces the appointment of Steve Munford as the new President & Chief Executive Officer. Steve takes over the charge by replacing Stephen Ufford, the co-founder and CEO of the company. However, with this amendment in the leadership roles, Stephen will be assuming his new role as the Chairman of the Trulioo’s Board of Directors.
Under Stephen’s leadership, Vancouver-based Trulioo has raised $70 million CAD the previous year from several large financial institutions, including Goldman Sachs Growth Equity, Citi Ventures, and American Express Ventures. Trulioo has raised a total of $96.6 million to date.
Prior to establishing Trulioo, Stephen co-founded and led three consumer data-driven companies before they were acquired by the Irish multinational consumer credit reporting company Experian. Stephen remaining the major shareholder of Trulioo, will continue to add value to the company by providing guidance from his accumulated experience and industry knowledge through his new role on the Board.
Steve is an established leader in security and enterprise software with extensive experience in leading companies through rapid growth. Prior to joining Trulioo, Steve mostly recently served as interim CEO at Carbonite in 2019, where he was responsible for heading the company through its sale to OpenText. In 2018 he was the interim CEO at Absolute Software, where he was later on appointed as the permanent CEO. Before this Steve was CEO at Sophos from 2006 to 2012 and, during that time, he headed the company through a period of notable growth, more than tripling bookings. Sophos sold to the private equity group Apax in 2010 and then to Thoma Bravo in 2020. Prior to his role as CEO, Mr. Munford was
“The smartest thing a founder can do during a period of dramatic growth is to step aside and hand over the reins to someone with a successful track record of driving exponential business growth with integrity and assurance.”
Stepping down from the CEO role, Stephen states that he believes this to be the optimal time for the company to transition to a new CEO. He says, “The smartest thing a founder can do during a period of dramatic growth is to step aside and hand over the reins to someone with a successful track record of driving exponential business growth with integrity and assurance.”
Expressing his gratitude, he further avers, “I am extremely confident in Steve and look forward to working closely with him as he takes on this role and delves deeper into how best to globally scale Trulioo's products and operations."
On the appointment Steve comments, "I am truly honored and humbled to be joining Trulioo in the role of CEO at this pivotal time. Not only is the company one of the biggest startup success stories in Canada, but it has earned the trust of so many international customers and partners around the world." He adds further, "The talented and dedicated team at Trulioo have built a world-class identity verification network to enable trust in today's borderless digital economy. I share their commitment to excellence, empowerment and technological innovation to help advance their mission of financial inclusion."
"I am extremely proud of what my team and I have built over the last decade here at Trulioo. Steve's hire marks an important milestone for me at Trulioo, as it's the beginning of even bigger and better things for our company, employees, customers, and stakeholders," says Stephen. He also adds, "There is no doubt in my mind we are creating an iconic brand in the identity space, and an anchor tenant of the Canadian technology sector."