Identity verification platform Socure has collected $35m for its latest equity round, which will enable it to improve its technology stack.
The capital infusion was led by Sorenson Ventures, with contributions also coming from previous Socure backers Commerce Ventures, Scale Venture Partners and Flint Capital.
A handful of new strategic investors also joined the round, including Citi Ventures, Wells Fargo Strategic Capital and MVB Financial Corp.
Funds from the round will enable the RegTech to improve its machine learning capabilities and improve its ability to prevent fraud, it said.
Socure is a digital identity verification technology provider which uses predictive analytics to authenticate identities in real-time. Through AI and machine learning to monitor and correlate thousands of online and offline data sources, to provide a holistic model for customer identity verification.
Wells Fargo Strategic Capital managing director Basil Darwish said, “The current climate is accelerating a shift to digital channels, further emphasizing the need for reimagined identity verification to better combat evolving patterns of fraud.
“Socure’s seamless and adaptive solution facilitates an enhanced customer experience, and we are pleased to support their continued growth with this investment.”
The RegTech has raised a total of $96m in equity. Its previous funding round was a $30m Series C last year, which was backed by Scale Venture Partners, Commerce Ventures, Flint Capital, Two Sigma Ventures and Synchrony.
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