Digital identity-verification company Socure received a strategic investment from Santander’s $100 million fintech VC firm, Santander Innoventures. The Spanish bank’s investment arm will offer Socure access to resources and an undisclosed amount of funding.
This marks the ninth investment Santander Innoventures has made since it launched in 2014. The firm has also invested in Finovate alums Ripple, Kabbage, and most recently SigFig.
Socure’s founder and CEO Sunil Madhu described Santander Innoventures as “the perfect fit as a VC partner that can help us grow globally.” The New York-based company’s online identity-verification technology works in real time by analyzing a user’s digital footprint to fight identity fraud, increase acceptance rates for online account opening, and reduce KYC and AML costs. Because it does not rely on traditional credit-reporting systems, Socure’s Social Biometrics works especially well for thin-file, unbanked, and underbanked customers. Socure customers include Finovate alums Feedzai and Kabbage.
At FinovateFall 2015, Socure’s co-founders Sunil Madhu, CEO, and SVP Johnny Ayers, business development, demoed Perceive (a facial biomentrics solution).
At FinovateFall 2015, Madhu debuted Perceive, the facial biometrics solution created to reduce account takeover. The Perceive SDK can be added to a web or mobile app to identify customers by their unique facial characteristics. The key to Socure’s new technology is that it doesn’t need the user to train the system on what their face looks like. Instead, Perceive uses pictures of the applicant already available through social platforms such as Google Plus, Facebook, and LinkedIn.
Prior to this week’s announcement, Socure had raised a total of $4.7 million in three rounds of funding. Last month the company expanded coverage for global watch-list compliance and earlier this year joined the FIDO (Fast IDentity Online) Alliance.