Socure nets $30m Series C to accelerate market expansion
Socure, an identity verification and fraud prevention company, has netted $30m in its Series C round led by Scale Venture Partners.
Other participants to the round include Commerce Ventures, Flint Capital, Two Sigma Ventures and Synchrony. US-based growth investor Sorenson Capital used the round to make its first investment into Socure.
Through this new line of funds, the RegTech is looking to accelerate its market expansion by investing into its sales, marketing, research & development and customer support initiatives.
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.
This Series C has come after a strong period of growth for Socure, which saw its annual revenue grow by over 300 per cent and its production volume rise to 50 million calls.
In addition to this, the company launched Socure Sigma Fraud Scores, a machine learning tools suite for identity fraud and risk prediction results.
As part of the deal, Scale Venture Partners partner Rory O’Driscoll has joined the Socure board of directors.
Scale Venture Partners partner Rory O’Driscoll said, “Companies from banks to insurance carriers to healthcare providers struggle with just how slow, expensive, and inaccurate today’s identity verification services can be. Socure offers them better accuracy and fraud detection, delivered through an easy-to-implement API connection. It’s a compelling proposition and explains why this company has been so successful so fast.”
The new equity round has brought Socure’s total funding efforts to $57.5m.
Late last year, Socure and ForgeRock formed a strategic partnership to support companies with the entire customer identity lifecycle. By combining Socure’s AI-powered risk scoring and ForgeRock’s identity and access management platform, businesses will be able to complete real-time digital identity verification, access and authorisation decisions at an accelerated rate.
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