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Socure completes $2.5 million financing round lead by ff Venture Capital

 

Socure announced it has completed its $2.5 million Series A funding round led by ff Venture Capital, with contributions from Founder Collective and Two Sigma Ventures.

The company’s Social Biometrics solution uses online and social behavior checks in real-time to verify the authenticity of customer identities registered on websites and mobile applications.

Enterprises using Socure’s Social Biometrics APIs are able to accomplish higher user acceptance rates with less friction, fraud losses and manual review costs.

Additionally, Social Biometrics brings enterprises one step closer to know your customer socially and anti-money laundering compliance.

“We empirically measure social proof and authenticity that’s hard to artificially create,” said Socure CEO Sunil Madhu. “By using and analyzing that social behavior, we’re changing the economics of identity theft and fraud so enterprises can conduct business online with greater assurance and security.”

Social Biometrics can determine online entity risk and validate younger, as well as unbanked or underbanked customers to boost acceptance rates for this key demographic.

“We see consistent, outstanding performance and results when Socure’s solutions are deployed in the field,” says Johnny Ayers, VP of business development at Socure. “On average, our customers experience a 40–80% improvement in fraud capture using Social Biometrics. Every time, Socure delivers significant fraud cost reductions and increased new account acceptances.”

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