Socure, an Incline Village, NV-based provider of artificial intelligence for digital identity verification, fraud prevention and sanction screening, acquired Effectiv, a San Francisco, CA-based real-time risk decisioning company, for $136M.
The acquisition is expected to close in November.
This acquisition will enable Socure to deepen existing enterprise partnerships, while also expanding to more broadly serve the midmarket. With the Effectiv platform, Socure will be able to orchestrate and write complex, combinatorial rules on its own solutions, along with those from third parties, that leverage this 360-degree view of identity.
Founded in early 2021 by Ravi Sandepudi, Ritesh Arora, Jonathan Doering, and Anupam Tarsauliya, Effectiv provides an open platform that integrates any risk solution, including identity and payment fraud controls, credit underwriting, Know Your Business (KYB) and anti-money laundering (AML), to drive real-time decisions that solve identity theft, account takeover, scams, and real-time payment fraud. Ritesh Arora will join as Head of Platform Solutioning at Socure.
Led by founder and CEO Johnny Ayers, Socure is an AI provider of digital identity verification and fraud solutions. Its predictive analytics platform applies AI and machine learning techniques with online, physical and offline data intelligence to verify identities and fraudulent transactions in real-time. The company has more than 2,700 customers across the financial services, government, gaming, healthcare, telecom, insurance, marketplaces, and e-commerce industries, HR Payroll providers, the largest sportsbook operators, 27 states, four federal agencies and more than 500 fintechs.
Organizations including Capital One, Citi, Chime, SoFi, Green Dot, Robinhood, Dave, Gusto, Public, Poshmark, Stash, DraftKings, PrizePicks and the State of California use it for accurate and inclusive identity verification and fraud prevention.
FinSMEs
24/10/2024