Socure provides digital identity verification and fraud services to more than 1,500 customers, including Chime, SoFi, Robinhood, Gusto and Public. The company pairs predictive analytics, artificial intelligence and machine learning with data from the internet, government-issued documents and identifiers (email, phone, address and date of birth) to verify identities in real time. Socure says its customer base tripled in the past two years and it maintains strong relationships with many top banks and financial institutions. In 2021 the company raised a $100 million Series D (valued at $1.3B) and a $450 million Series E that boosted its valuation to $4.5 billion; it is a post-Series E company. To strengthen its balance sheet and support inorganic growth, Socure closed a $95 million credit facility with J.P. Morgan, Silicon Valley Bank and KeyBanc Capital Markets. Management says the line of credit will enable acquisitions and expansion into new markets, including adapting its capabilities for state and federal government and broader commercial sectors. Socure provides an identity resolution engine that uses predictive analytics and machine learning to parse over 8 billion records and create a multivariate picture of a consumer’s identity for fraud detection. Its Sigma+ scoring and data-science approach aim to verify hard-to-identify populations such as Gen Z, credit-invisible individuals, and recent immigrants. The company serves nearly 1,000 customers, including 12 of the top 15 banks and a range of fintechs, online gaming providers and crypto exchanges; about 35% of customers are outside financial services. Socure has grown from roughly 350 customers in March to nearly 1,000 today and is described by the company as the highest-valued private firm in the identity verification space. The company plans to use the new funds to further develop proofing and authentication across the identity verification lifecycle, expand into online gaming, crypto and e-commerce segments, and deepen public-sector partnerships to combat fraud. Socure was founded in 2012 and is preparing for a potential IPO in the near future, according to its CEO. Socure operates an AI- and machine-learning-driven digital identity trust platform (ID+) that verifies identities in real time using trusted online and offline signals such as email, phone, address, IP, device, velocity, and broader internet data. Its modular API/SDK and physical document authentication enable identity verification, fraud prevention, and regulatory compliance for B2C enterprises. Socure reports auto-approval rates up to 94%, identity and synthetic fraud capture rates up to 90% in the riskiest 3% of users, and fully automated decisioning up to 98% when combined with document authentication. The company serves more than 400 customers across financial services, gaming, telecom, and e-commerce, including marquee customers Chime, Varo Money, Public, Stash, and DraftKings, and counts three of the top five banks among its clients. Over 20% of Socure’s headcount is in data science. The company plans to expand across every consumer-facing vertical — including online gaming, healthcare, telco, e-commerce, and on-demand services — and is actively recruiting talent worldwide. Financially, Socure completed a $100M Series D led by Accel that lifted its valuation to $1.3B and brought total funding to $196M. Socure operates a predictive analytics platform that applies AI and machine learning to online and offline data (email, phone, address, IP, device, velocity and broader internet signals) to verify identities and reduce fraud. The company targets financial services historically but plans to expand into every consumer-facing vertical including online gaming, healthcare, telco, e-commerce and on-demand services. Socure reports more than 350 customers, including three top-five banks, six top-10 card issuers, a top credit bureau and over 75 fintechs such as Varo Money, Public, Chime and Stash. In 2020 the company grew its customer base by over 85% year over year and expanded its workforce by over 50% to about 240 employees; it claims KYC auto-approval rates of up to 97% for B2C enterprises. Socure says it will use new capital to enhance its product offering and continue developing patents, and the company has hinted at a potential IPO in 2022 or 2023. Socure provides a predictive analytics platform that uses AI and machine-learning with trusted online and offline data (email, phone, address, IP, device, velocity and broader internet) to verify identities in real time. The company focuses on reducing fraud for online new account openings and improving approval rates for thin-file consumers and millennials. Socure says its technology can reduce fraud by up to 95% with false positives better than 1:1, approve as much as 40% more millennial and thin-file consumers, and cut manual review rates by as much as 90%. The funds from the latest round will be used to support growth, enhance machine-learning capabilities, and invest in new verticals, talent, products and capabilities. Socure was founded in 2012 by Johnny Ayers and is led by CEO Tom Thimot. The company is based in New York City and has offices in San Diego, San Jose, and Chennai, India. Total funding stands at $96 million following the new round.

Total raised

$739M

Funding rounds

9

Latest round

Debt Financing

Latest activity

Mar 2023