Socure, a leading provider of digital identity verification technology, announced today that it has closed a $13.9 million Series B round of funding led by Commerce Ventures, with participation from Synchrony Financial, Flint Capital, Workbench, Santander InnoVentures and Two Sigma Ventures, among others. The company recently announced a Series A-1 funding round in early December 2016 bringing total funding to date to $27.5 million. The last round of funding drove product and technology innovation while this round will enable Socure to scale sales and support operations, build out its infrastructure and expand into new untapped markets.
With customers including a top 5 US bank, a top 5 global money transfer provider, and a top 10 US card issuer, Socure continues to reimagine digital identity verification, leveraging its artificial intelligence and machine-learning techniques. Digital commerce is now a market mandate, forcing companies to be able to identify, acquire, and trust new digital customers or risk limiting revenue growth.
“In an increasingly digital world, establishing identity is critical to the success of the next-generation financial services and commerce eco-systems,” said Dan Rosen, Partner of Commerce Ventures. “Socure has become a leader in digital identity verification by applying state of the art machine learning technologies to 300-plus identity-relevant data sources. We are very excited to join Socure as they continue their growth and expand into new markets.”
Security and fraud prevention continue to remain key issues in the financial services industry. In an age where breaches are not uncommon, the more traditional approaches to digital identity verification are not helping the market meet growth goals. Socure’s technology has demonstrated market leadership boasting the most experience and understanding within this burgeoning segment. Leading companies rely on Socure’s highly accurate technology to accept more new customers while dramatically reducing fraud.
“Socure continues to prove they are the next generation solution for digital identity verification and fraud prevention,” said Sergey Gribov, Partner at Flint Capital. “Flint Capital is thrilled to support the company in its continued growth and proud to see them continuously being known as a trusted vendor for leading financial institutions.”’
Mariano Belinky, Managing Partner at Santander InnoVentures said, “At Santander, we make investments where we spot an opportunity that can add value to banking customers. Identity verification is a crucial step in any banking process and Socure is at the forefront of innovation in this space. Belinky added, “There is enormous potential for tackling the issue of financial inclusion, with the help of Socure, where citizens may be excluded from the banking system simply because they lack traditional credit records used for identity verification. We’re delighted to support Socure’s Series B round and look forward to what is to come.”
“Socure’s market success illustrates an increasing appetite for digital identity verification solutions to meet the demands of today’s digital businesses and demanding digital consumers,” said Sunil Madhu, CEO and Co-Founder of Socure. “The funding will help us meet the increasing demand by accelerating market penetration in current and new markets, while maintaining our leadership position in the digital identity verification market.”
Socure will be announcing its latest platform in addition to a new partnership at the upcoming Finovate Fall conference in early September.
Socure is the leader in creating high-assurance digital 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, social media and the broader Internet to authenticate identities in real-time. Socure powers financial inclusion, increasing acceptance as much as 40 percent for millennials and other thin-file consumers. It also bolsters CIP/KYC programs and AML compliance for enterprises in the US, helping them to reduce fraud up to 80 percent and lower manual review costs as much as 90 percent. Socure was founded in 2012 and is based in New York City.
About Flint Capital
Flint Capital is an international venture capital fund established by IT entrepreneurs with the primary mission of discovering and supporting bold-thinking founders and their teams from Europe, Israel and US across a number of industries. Flint capital leads funding rounds at the Seed, Series A and Series B stages, focusing on companies that have the potential to disrupt their respective industries.
About Santander InnoVentures
Santander InnoVentures is a FinTech venture capital fund fully-owned by Grupo Santander. The fund is stage-agnostic and invests both capital and resources in companies globally. It focuses on start-ups that can increase the value proposition to Santander Customers across the Group’s 10 major geographies, while creating value for the companies it invests in.
About Two Sigma Ventures
Two Sigma Ventures invests in companies run by highly driven people with potentially world-changing ideas. They seek out companies using technology, computing, mathematics, or data to tackle hard problems, and aim to help them thrive.