Socure, a pioneer in digital identity verification technology, today announced that it has closed a $13m round of funding led by Flint Capital, with participation from ff Venture Capital, Santander and Two Sigma Ventures, among others.
The company will use the capital to scale operations, accommodating the 300 per cent growth it has seen in 2016. The funds will enable Socure to more quickly innovate its digital identity verification platform, and continue to deliver the most predictive solution in the industry.
Socure is reimagining digital identity verification by creating easily integrated SaaS solutions that increase consumer acceptance, reduce uncaught fraud, and contain the costs of manual review. Since its inception, the company has established itself as a pioneer in the space, offering RESTful APIs delivered via a secure and scalable cloud-based software infrastructure, to validate identities in real-time.
“Socure has rapidly developed a leadership position in the large and fast-growing space of digital identity and biometrics,” said Sergey Gribov, partner at Flint Capital.
“The Company supplements market deficiencies in which current identity verification solutions fall short, including millennials, who largely avoid the use of credit, or abroad, where credit systems don’t exist at all.”
While increasing customer acceptance is key, fraud is ever-evolving, and Socure seeks to assist companies large and small in adapting their protection strategies accordingly. The patented platform and ID+ solution has been proven to increase fraud capture by up to 80 per cent, and provide comprehensive KYC and AML compliance for verifying individuals in a global environment.
“Socure is a key element in our identity verification stack, that has enabled us to substantially increase acceptance of new customers,” said Brandon Krieg, CEO and co-founder at Stash.
“We have reduced the friction in the new account opening process, and are able to perform the required Know-Your-Customer (KYC) and Anti-Money Laundering (AML) compliance checks quickly and easily with ID+ from Socure.”
Sunil Madhu, CEO and Co-Founder of Socure, added, “Security, compliance and fraud prevention are key issues for investors, consumers, regulators and employees in the financial services industry.
“As a year when major breaches were headline news draws to a close, we are thrilled to be able to provide them with a technologically advanced and proven solution.”