Machine learning-based digital identity verification firm Socure has closed an oversubscribed $450 million funding round at a $4.5 billion valuation.
Accel and T Rowe Price led the round, with participation from Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, and Sorenson Ventures.
The investment comes on the heels of a $100 million Series D raise in March that was led by Accel and joined by the investment arms of Citi and Wells Fargo. Capital One Ventures has also since made an investment.
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 auto-approvals of up to 98%, and capture rates of 90% in just the riskiest 3% of users.
Socure has seen its valuation triple since the Series D on the back of 500% year-over-year bookings growth and nearly $1 billion of investment demand. Among its 750 clients, it now claims four of the five largest banks, seven of the 10 largest credit card issuers, top BNPL providers, investment management firms, crypto exchanges, and a host of fintechs.
Johnny Ayers, CEO, Socure, says: "When you’re a market leader, you move from attacking and replacing the incumbents repeatedly as you earn your seat at the table to truly being a strategic partner to many of the best companies in the world.
"With this additional capital, we will substantially increase our level of commercial velocity and intensity in solving complex customer and societal problems, while maintaining our Day 0 founder’s mentality and continuing to attract the market’s best product, data science, and engineering minds to join our already incredibly talented team."