Socure Inc., a software company, has recently raised $100 million in the Series D funding round. As per the announcement on Tuesday, 16th March 2021, this AI and machine learning platform for verifying identities is valued at $1.3 billion. This is a big increase in valuation for Socure from the previous year, wherein it was worth $360 million.
According to the founder and CEO of the company, Johnny Ayers, the investors in the funding round were led by venture capital firm Accel. It included Scale Venture Partners, Synchrony, Flint Capital, Two Sigma Ventures, a division of Wells Fargo & Co known as Wells Fargo Strategic Capital, Commerce Ventures, a unit of Citigroup Inc. called Citi Ventures, and Sorenson, among others. With this, the total funding of Socure gets to $196 million, including a $35 million investment led by Sorenson Ventures just a few months ago.
In 2012, Socure Inc. was founded in New York City, USA, focusing on the financial services industry. Over time, this company has become a leader in digital identity verification technology across the board. Socure has 350+ customers from financial services, gaming, telecom, and ecommerce right now. It includes the top credit bureau, multiple tier-one payroll providers, three top MSBs, six of the top 10 card issuers, and the top five banks. Also, Socure provides its services to over 75 of the very best fintech like Chime, Stash, Varo Money, and more.
This platform uses AI and machine learning techniques for predictive analysis with the online or offline data intelligence from email, address, phone, IP, device, velocity, and the internet. It helps in verifying the identities of the people when they apply for various accounts to determine who they really are. Recently, Socure has set a mission of verifying 100% of good IDs of real people in real time for eliminating fraud.
In 2020, the customer base of Socure grew more than 85% year over year, and the workforce expansion was more than 50% to about 240 employees. They plan to use the new capital to further expand their customer base in every customer vertical, including recruiting talent for their daily operations, ecommerce, telecom, gaming, and healthcare.