Socure, the leader in Day Zero identity verification, today announced it has raised $35 million in a new round led by Sorenson Ventures with participation from existing investors Commerce Ventures, Scale Venture Partners, and Flint Capital. The round also included new strategic investor participation from Citi Ventures, Wells Fargo Strategic Capital, and MVB Financial Corp. This brings Socure’s total funding to $96 million.
The funds will be used to support Socure’s growth, enhance its machine learning capabilities, and further its mission to eliminate identity fraud and become the most trusted source of identity verification. Earlier this year, Socure was named to Forbes’ Top 25 Machine Learning Startups To Watch.
“We are grateful to have had significant investor interest despite the current economic environment, and are proud to have taken less money than was on the table,” said Tom Thimot, CEO of Socure. “As we continue to build on our position as the leader in Day Zero identity, we are prioritizing investment in new verticals, talent, products and capabilities.”
“Advanced identity screening solutions have become essential for financial institutions to effectively prevent fraud as cyber criminals are becoming increasingly sophisticated,” explained Travis Skelly, Director, Venture Investing at Citi Ventures. “Socure has established itself as a market leader in the identity verification space and Citi Ventures is excited to support their ongoing growth story.”
“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,” said Basil Darwish, Managing Director with Wells Fargo Strategic Capital. “Socure’s seamless and adaptive solution facilitates an enhanced customer experience, and we are pleased to support their continued growth with this investment.”
Socure is the leader in Day Zero identity verification technology. Its predictive analytics platform applies artificial intelligence 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. Socure powers financial inclusion – approving as much as 40% more millennial and other thin-file consumers. It also reduces fraud for online new account openings by up to 95% with false positives of better than 1:1, and cuts manual review rates by as much as 90%. Socure was founded in 2012 by Johnny Ayers, Chief Product Officer, and is led by CEO Tom Thimot. The company is based in NYC, with offices in San Diego, San Jose, and Chennai, India.