Digital identity verification platform Socure has received $13.9m for its Series B funding round which was led by Commerce Ventures.
The investment also saw commitments from backers including Synchrony Financial, Flint Capital, Workbench, Santander InnoVentures and Two Sigma Ventures, among others.
Socure uses its AI and machine learning technology to help financial institutions improve security and fraud prevention with its digital identity verification. The platform uses its AI to analyse online and offline data to verify the identity of users.
The RegTech solution helps more customers get accepted, including un-banked and under-banked, optimise manual reviews and prevent identity fraud.
This latest injection of capital will be used to scale Socure’s sales and operations, build its infrastructure and expand into new markets.
Santander InnoVentures managing partner Mariano Belinky said, “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.”
Last year the company raised around $13m in its Series A funding round, with the capital being used to drive product and technology development. Following the latest investment, total equity and debt received by the company has reached around $31m.
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