This latest round comes just 7 months after Socure closed their $100 million Series D at a $1.3 billion valuation. To date, Socure has raised a total of $646 million with a current valuation of $4.5 billion.
The New York-based digital identity verification platform is used by banks, credit card providers, fintech startups, and crypto companies to verify customer identities and help reduce fraud.
With the tremendous growth in e-commerce and digitization of business in the wake of the pandemic, fraud has become a significant problem for businesses that could inhibit growth.
Socure’s trusted platform helps stabilize e-commerce infrastructure for its clients by using predictive analytics to parse over 8 billion records that provide a complete picture of a consumer’s identity for fraud detection purposes.
This new round of funding will be used to grow Socure’s burgeoning workforce and expand into new emerging verticals.
Socure already counts 12 of the top 15 banks in the U.S. as well as a slew of fintech companies, online gaming providers, and cryptocurrency exchanges as its clients including Voyager, Public, Stash, and DraftKings.
Socure has also partnered with state and federal government agencies to help them invest in digital identity technology. Most recently, Socure was called on to verify identities to prevent unemployment fraud—which costs the United States a total of $400 billion annually.
As more and more businesses digitize and expand their online presence, so does the need for identity verification. Socure has successfully rode this recent wave of rapid digital growth, expanding its customer base from just 350 in March to over 1,000 clients today.