In a Series B round led by Commerce Ventures, digital identity verification specialist Socure raised $13.9 million in new funding. The investment, which also featured the participation of Flint Capital, Santander InnoVentures, Synchrony Financial, Two Sigma Ventures, and Workbench, takes Socure’s total funding to $27.5 million.
“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 co-founder and CEO Sunil Madhu said. The capital will also go toward growing the company’s sales and support operations, as well as building out its infrastructure.
Pictured: Socure CEO and co-founder Sunil Madhu demonstrating Perceive at FinovateFall 2015.
Socure’s Predictive Analytics Platform helps companies in a number of verticals improve onboarding of new customers and reduce identity fraud. The company’s technology leverages online and offline data, including data from social networks to discern whether or not a given person has been accurately identified. Socure says its technology has improved customer acceptance rates by more than 35% in new account openings. The company’s solutions have also reduced manual review by 90%, producing low historical false positives and eliminating the reliance on knowledge-based authentication. Socure also supports KYC and AML compliance requirements, providing increased fraud capture of 50%.
Calling identity verification “critical to the success of the next-generation financial services and commerce eco-systems,” Commerce Ventures partner Dan Rosen highlighted Socure’s ability to leverage data to determine identity. “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,” Rosen said. Mariano Belinky, Santander InnoVentures managing partner, added that Socure’s technology was especially useful for providing financing to thin credit file individuals and those from underbanked communities. “There is enormous potential for tackling the issue of financial inclusion, with the help of Socure,” Belinky said.
Founded in 2012 and headquartered in New York City, Socure unveiled its remote facial biometrics solution, Perceive, at FinovateFall 2015. Named to CB Insights’ Fintech 250 list in June and Planet Compliance’s RegTech Top 100 Power roster in March, the company offered the first SOC2 2 compliant digital identity verification solution late last year. Socure includes a top five U.S. bank, a top five global money transfer provider and a top ten U.S. card issuer among its customers. The company will demonstrate its latest technology – as well as announce a new partnership – at FinovateFall in September. To see Socure, and the rest of our FinovateFall lineup, register today and save your spot.
