Social biometrics firm Socure raises investment from Flint Capital

August 26, 2015 - 

Flint Capital an international venture capital fund investing across US, Israel and Europe, has joined a $2.5 million round to finance online identity verification firm Socure.

Socure has raised more than seven million dollars of investment capital, to date, from various investors including ff Venture Capital, Two Sigma Ventures and Founder Collective.

The company’s clientele includes some of the largest banks, remittance and payments companies, card networks, lenders, merchants and credit bureaus across 32 countries.

Socure has developed and patented its Social biometrics platform, which verifies the authenticity of customer identities registered on websites and mobile applications in an effort to prevent financial fraud.

Enterprises using Social Biometrics APIs achieve higher user acceptance rates with reduced friction, fraud losses and manual review costs, according to Socure.

“Socure is pioneering identity verification with its Social Biometrics platform, which helps financial institutions to combat fraud globally,” said Sergey Gribov, partner at Flint Capital. “Socure excels where current identity verification solutions fall short, enabling verification for people who don’t have a credit history. This is an even bigger market outside of the US, where credit systems don’t exist at all. Flint Capital is planning to help the company with our international connections and expertise.”

Socure marks the third investment in the United States for Flint Capital, which up until recently invested primarily in Israel.

Previously reported, Socure completed the U.S.–EU and U.S.–Switzerland Safe Harbor framework self-certification process from the U.S. Department of Commerce, proving that it handles sensitive customer and client data according to European Union and Swiss privacy standards.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.