Socure raises $35 mn in funding with participation from major banks
By Pavithra R
Socure, a leading Day Zero identity verification technology provider, has announced that the company has secured $35 mn in a new round led by Sorenson Ventures. The investment has raised the company’s total funding to date to $96 mn.
The investment round saw participation from existing investors Commerce Ventures, Scale Venture Partners, and Flint Capital and new investors including Citi Ventures, Wells Fargo Strategic Capital, and MVB Financial Corp. Socure is planning to use the funding to bolster its growth enhance its machine learning capabilities, and further its mission to eliminate identity fraud and become the most trusted source of identity verification.
“We are grateful to have had significant investor interest despite the current economic environment and are proud to have taken less money than was on the table. As we continue to build on our position as the leader in Day Zero identity, we are prioritizing investment in new verticals, talent, products, and capabilities,” said Tom Thimot, CEO of Socure.
Socure’s identity verification increases auto-approval rates, reduces false positives, and captures more fraud in real-time. The firm was founded in coincidence with a surge in digital enrollment at FinTechs and banks for services that once required an in-person handshake and reams of physical documentation. Soon after its founding, the company transformed the online enrollment experience by building proprietary analytics to correlate social media footprint with traditional background data to enable real-time identity verification of any consumer, including those with thin credit files.
“Advanced identity screening solutions have become essential for financial institutions to effectively prevent fraud as cyber criminals are becoming increasingly sophisticated. Socure has established itself as a market leader in the identity verification space and Citi Ventures is excited to support their ongoing growth story,” said Travis Skelly, Director, Venture Investing at Citi Ventures.
“The current climate is accelerating a shift to digital channels, further emphasizing the need for reimagined identity verification to better combat evolving patterns of fraud. Socure’s seamless and adaptive solution facilitates an enhanced customer experience, and we are pleased to support their continued growth with this investment,” said Basil Darwish, Managing Director with Wells Fargo Strategic Capital.
Recently, Socure launched Intelligent KYC, combining graph analytics & ML with compliance.
Founded in 2012, Socure’s mission is to be the single source of trusted identity for every business-to-consumer transaction, eliminating identity fraud while fueling growth. The firm is continuously evolving its machine learning and data curation strategies to power its Socure ID+ Platform, an identity engine, and make it even smarter.
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