FB pixel

Socure raises $35M to grow digital identity verification business and combat sophisticated fraud

Socure raises $35M to grow digital identity verification business and combat sophisticated fraud
 

Socure has raised $35 million to support the growth of the company’s “Day Zero” digital ID verification and biometric technologies, enhance its machine learning capabilities, and further its identity fraud elimination mission.

The investment round was led by Sorenson Ventures, with existing investors Commerce Ventures, Scale Venture Partners and Flint Capital participating, along with new strategic investors Citi Ventures, Wells Fargo Strategic Capital, and MVB Financial Corp.

Socure recently launched a module for document checking and biometric selfie capabilities with liveness detection to help financial institutions and other organizations meet toughening regulations and prevent sophisticated fraud attacks.

“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,” comments 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 named to Forbes’ Top 25 Machine Learning Startups to Watch in April. The company was founded in 2012, and has now raised a total of $96 million to date.

“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,” Basil Darwish, managing director with Wells Fargo Strategic Capital, adds. “Socure’s seamless and adaptive solution facilitates an enhanced customer experience, and we are pleased to support their continued growth with this investment.”

Article Topics

 |   |   |   |   |   |   | 

Latest Biometrics News

 

Digital identity leaders shepherd wallets into the mainstream

Discussion and debate at the European Identity and Cloud (EIC 2024) conference focused largely on how to achieve trust among…

 

Suprema, Strata Identity, Gunnebo gain security certifications

Recent certifications for Suprema, Strata Identity, Gunnebo and ISS reflect the broader industry trend towards stringent information security measures, ensuring…

 

Biometrics entering everyday activities via rising technologies

Biometrics underpin the new technologies that people will soon use on a daily basis for everything from payments to age…

 

Anticipation for Metalenz and Samsung’s answer to Face ID mounts

After Samsung and Metalenz collaborated to incorporate Samsung’s Isocell Vision 931 image sensor into Metalenz’s Polar ID imaging technology, Mashable…

 

Germany beefs up border security ahead of UEFA Championship

Germany has been ramping up security measures such as border checks and CCTV surveillance in preparation UEFA European Football Championship…

 

Inverid and Cybernetica team up to secure digital ID, signatures with biometric MFA

A new partnership has been formed by Inverid and Cybernetica to combine the NFC ID document-scanning capabilities of the former…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events