Socure, a NYC-based provider of digital identity verification and fraud solutions, raised $450M in Series E funding at a $4.5 Billion valuation.
The round was led by Accel with participation from funds and accounts advised by T. Rowe Price Associates, and new investors Bain Capital Ventures and Tiger Global, as well as participation from existing investors Commerce Ventures, Scale Venture Partners, and Sorenson Ventures.
The company intends to use the funds to:
- accelerate its investments in product innovation to address identity verification challenges across the entire digital consumer journey,
- penetrate new markets including the public sector,
- attract and retain product, data science, and engineering teams, and
- maximize the scale and intelligence of its customer consortium data and fully-automated ID+ platform to prevent third party and synthetic fraud and address payment and first party fraud risk while enabling world-class self-service analytics capabilities.
Led by Johnny Ayers, Founder and CEO, Socure provides a platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time. The company has more than 750 customers across the financial services, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 100 of the largest fintechs. Customers include Chime, SoFi, Varo Money, Public, Stash, and DraftKings. Some customers have also become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyager, and Synchrony. Other marquee customers include Chime, SoFi, Varo Money, Public, Stash, and DraftKings.
FinSMEs
09/11/2021