Finovate has confirmed that ID-authentication specialist Socure has raised $2.5 million in debt financing. This supports a recent report that Socure CEO Sunil Madhu had filed a Form D with the SEC in late July.
The debt financing adds to the more than $4 million in equity capital Socure has earned. The company’s last fundraising was a $2.5 million investment Novembe 2014 that featured participation from ff Venture Capital, Founder Collective, and Two Sigma Ventures.
From left: Socure CEO Sunil Madhu and Johnny Ayers, SVP of business development, demonstrated their company’s Social Biometrics technology at FinovateFall 2013.
Socure provides a real-time identity-verification technology to help payments-remittance companies, FIs, and online merchants combat identity fraud. The company’s Social Biometrics platform is an SaaS solution that combines artificial intelligence, machine learning, and social behavior-pattern analysis to distinguish qualified logins from attempted logins by fraudsters and bots.
Socure announced last month that it had earned U.S.-EU and U.S. Switzerland Safe Harbor Certification. This assures customers that the company’s handling of sensitive data meets the privacy requirements of both the European Union and the Swiss government. In June, Socure was profiled in PYMNTS.com, which interviewed co-founder Johnny Ayers, SVP of business development, and Ken Allen, SVP operations.
Founded in August 2012 and headquartered in New York, Socure demonstrated its Social Biometrics solution at FinovateFall 2013. The company returns to the Finovate stage in September for FinovateFall 2015. To learn more about our upcoming conference in New York City, visit our FinovateFall 2015 page.