Capital One Ventures invests in Socure digital identity analytics
Socure has boosted Capital One’s digital identity trust to increase card approval rates and slash false positives for its U.S. card team, leading the financial institution’s venture arm Capital One Ventures to make a strategic investment in the company. Socure recently became the latest unicorn biometrics with a $100 million funding round that included several other large financial institutions.
The latest investment is expected to support Socure’s plans for continued expansion of its identity verification and biometrics across all consumer-facing verticals, including financial services, online gaming, healthcare, telco, e-commerce and on-demand services. The company says it is actively recruiting talent from around the world.
“Socure is the leading digital identity trust platform in the market. Large financial institutions and FinTechs use the platform for identity verification, fraud prevention, and regulatory compliance,” said Aman Sharma, Partner at Capital One Ventures. “Socure’s exceptional performance in fraud classification and identity coverage not only demonstrates the accuracy of their platform but underscores how they are bringing more eligible consumers into the digital services ecosystem as the company rapidly expands into new verticals outside of financial services.”
The announcement does not include the financial terms of the investment.
“We are thrilled to add Capital One to our expanding roster of strategic investors,” says Johnny Ayers, founder and CEO of Socure. “We were fortunate to have met the venture as well as fraud and identity teams early on in Socure’s journey. We admired their focus and discipline as a data science and analytics-driven company and channeled that as we built Socure, with the result being that over 20% of our total headcount is in data science today. Over the course of years, the relationship evolved and Capital One has become one of our top clients. Now, we are excited to collaborate with them even more closely with this investment in Socure.”
Socure points out in the release that One World Identity recently forecasted the U.S. digital identity market to grow from $15 billion in 2019 to more than $30 billion by 2023. The company says its analytics, document authentication and biometric technologies can help business reach auto-approval rates of up to 94 percent with digital identity and synthetic fraud capture rates up to 90 percent from the riskiest 3 percent of users.