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.”