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Digital ID firm Socure raises $100m

Digital ID firm Socure raises $100m

Machine learning-based digital identity verification firm Socure has joined the unicorn club off the back of a $100 million Series D funding round led by Accel and joined by the investment arms of Citi and Wells Fargo.

Commerce Ventures, Scale Venture Partners, Flint Capital, Synchrony, Sorenson and Two Sigma Ventures all joined the round, which brings Socure's total funding to $196 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 helps firms achieve KYC auto-approval rates of up to 97%, as well as identity and synthetic fraud capture rates of up to 90% in just the riskiest 2% of users.

Already a leader in the financial services sector, the company says it will use the new funding to push into other areas, including online gaming, healthcare, telco, e-commerce, and on-demand services.

Johnny Ayers, CEO, Socure, says: “We are now more confident than ever that we will be the first company to eliminate identity fraud while unlocking complete and fully-automated coverage of every good ID.”

Comments: (1)

Andrew Smith
Andrew Smith - RTGS & ClearBank - London 17 March, 2021, 14:23Be the first to give this comment the thumbs up 0 likes

Wow, thats a vast sum of cash for something that others have shown to have already solved already....