Citi and Wells Fargo have joined a $35 million funding round for machine learning-based digital identity verification firm Socure.
Citi Ventures and Wells Fargo Strategic Capital join MVB Financial, Commerce Ventures, Scale Venture Partners and Flint Capital in the round, which brings Socure's total funding to $96 million.
Socure's predictive analytics platform applies AI and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity and the broader internet to verify identities in real-time.
The New York-based firm claims its technology reduces fraud for online new account openings by up to 95% with false positives of better than 1:1, while cutting manual review rates by as much as 90%.
Basil Darwish, MD with Wells Fargo Strategic Capital, says: "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.”