Socure picks government relations VP, shows strong 2021 results and growth
Digital identity and biometrics company Socure names a new vice president of government relations and announced it tripled its valuation and customer base in a report of its 2021 financial results.
Socure selects new government relations VP
Socure announced that Brendan Peter is the new vice president of government relations to engage with government stakeholders and advise the company on certain markets.
A news release by Socure says Peter has 25 years of experience in public policy and strategic business growth in technology and identity verification, with a background working as head of U.S. government relations for Seagate Technology, vice president of government relations for Idemia, and vice president and head of global corporate affairs for CA Technologies. He also held executive posts at LexisNexis, Daon, the Information Technology Association of America, and the Jefferson Consulting Group.
Peter is the latest hire from Socure to boost its public sector presence. Matt Thompson was brought in as general manager of Public Sector Solutions in October 2021, and Jordan Burris, former chief of staff at the White House Office of the Federal Chief Information Officer, was hired as senior director, product market strategy for the public sector in December 2021.
“As the market leader in identity verification on the commercial side, there isn’t a company better positioned to help the public sector onboard citizens while solving fraud and building trust,” says Peter. “I look forward to promoting Socure as the partner of choice for government agencies who are increasingly faced with identity challenges and fraud problems.”
Socure says Peter will initially focus on the public sector to bring “inclusive access to government services and benefits and ensure that they are going to the right people in the most trustworthy way.” He also will lead policy engagement and counsel in other markets such as online gaming, crypto and e-commerce marketplaces, according to the firm.
Socure says it tripled valuation and customers in 2021
Socure announced it tripled its valuation and customer count, increased bookings growth year-over-year by 159 percent, and a held a customer retention rate of 174 percent for its identity verification and fraud detection solutions in a report of its 2021 business results.
The company says growth was driven by high demand for its graph-based identity verification and fraud platform that offers identity verification and proofing, Know Your Customer (KYC), and fraud risk prediction solutions in the market. Its KYC product is said to have had a 223 percent increase in bookings year-over-year and reaches out to hard-to-identify populations including “Gen Z, millennial, credit invisible, thin-file, and new-to-country” users.
Socure now reports over 1,000 customers from a myriad of fields including banks, credit issuers, fintech companies, cryptocurrency exchanges, online gaming operators, e-commerce marketplaces, telehealth providers, investment platforms, Buy Now, Pay Later (BNPL) providers and government agencies.
The spike in growth from 2021 jumped the company’s valuation to $4.5 billion, a tripling of its value, Socure says. The company claims to be the highest-valued private identity verification company after a $450 million fundraising round in November 2021.
Investors include Accel, T. Rowe Price and Bain Capital Ventures, with customers Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures and Santander also investing in Socure.
Johnny Ayers, founder and CEO of Socure, says, “As we look to 2022, we remain focused on the execution of the business while bringing best-in-class solutions to market that deliver undeniable value and ROI to all consumer-facing verticals.”
“The identity verification market is going through dramatic growth as companies of all sizes are embracing digital-first account opening, onboarding, and overall customer experience,” comments John Locke, partner at Accel. “With dozens of companies providing point products and vying for a piece of the market, Socure has emerged as the clear and undisputed leader with a comprehensive, AI-driven platform trusted by the largest enterprises.”
Socure also reports that it almost tripled its staff to 500 employees, with the addition of Rivka Gewirtz Little as chief of staff, Gary Sevounts as chief marketing officer, among other hires on the executive level.
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