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Socure Raises $35 Million to Support its Growth and Eliminate Fraud with AI
Socure's predictive analytics platform reduces fraud for online new account openings by up to 95 percent with false positives of better than 1:1, and cuts manual review rates by as much as 90 percent.
Fremont, CA: Socure, the leader in Day Zero identity verification, raised $35 million in a new round led by Sorenson Ventures with participation from existing investors Commerce Ventures, Scale Venture Partners, and Flint Capital. The round also included new strategic investor participation from Citi Ventures, Wells Fargo Strategic Capital, and MVB Financial Corp. This brings Socure's total funding to $96 million.
"We are grateful to have had significant investor interest despite the current economic environment, and are proud to have taken less money than was on the table," said Tom Thimot, CEO of Socure. "As we continue to build on our position as the leader in Day Zero identity, we are prioritizing investment in new verticals, talent, products and capabilities."
Socure was founded in 2012 by Johnny Ayers, Chief Product Officer, and is led by CEO Tom Thimot. The company is based in NYC, with offices in San Diego, San Jose, and Chennai, India. The funds will support Socure's growth, enhance its machine learning capabilities, and further its mission to eliminate identity fraud and become the most trusted source of identity verification.
"Advanced identity screening solutions have become essential for financial institutions to effectively prevent fraud as cyber criminals are becoming increasingly sophisticated," explained Travis Skelly, Director, Venture Investing at Citi Ventures. "Socure has established itself as a market leader in the identity verification space and Citi Ventures is excited to support their ongoing growth story."
Socure's predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real-time. It powers financial inclusion approving as much as 40 percent more millennial and other thin-file consumers. It also reduces fraud for online new account openings by up to 95 percent with false positives of better than 1:1 and decreases manual review rates by as much as 90 percent.
"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," said Basil Darwish, Managing Director with Wells Fargo Strategic Capital. "Socure's seamless and adaptive solution facilitates an enhanced customer experience, and we are pleased to support their continued growth with this investment."
See also: Top Machine Learning Companies