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Socure more than doubles customer growth in Q1 2022, appoints new CFO

Categories Biometrics News  |  Trade Notes
Socure more than doubles customer growth in Q1 2022, appoints new CFO

Socure reports record customer growth in the first quarter of 2022 for its face biometrics identity verification platform, as it hires its latest chief financial officer (CFO), who brings experience leading run-ups to initial public offerings.

The company says it saw an overall 236 percent increase in customer growth in the first quarter of the year for its digital identity verification platform. There were significant gains in Web3 customers at a 1,200 percent year-over-year customer growth rate, and 600 percent for online gaming customers year-over-year. Socure continued its customer growth in the banking, fintech, and financial services industries as well.

Socure says it drew growth from enterprise customers employing Socure products for know your customer (KYC) and anti-money laundering (AML) checks with selfie biometrics, document verification, and fraud prevention. Partner sales rose 125 percent year-over-year for verification and onboarding services.

The company also brought on Krish Venkataraman as its newest CFO to speed up growth and improve operational efficiency while scaling up. Venkataraman served as CFO at NYSE Euronext, Syncsort, Dealogic, and KnowBe4, and is said to have a proven ability at turning a profit, guiding businesses toward IPOs, and consistently exceeding Wall Street’s growth expectations.

“Our record customer growth over the last twelve months demonstrates that our identity verification and fraud technology delivers the unmatched accuracy and demographic coverage our customers need to gain a competitive advantage, drive conversions, and generate more revenue,” comments Johnny Ayers, founder and CEO of Socure. “With Krish on board, Socure is poised to take our growth to even greater heights as we seize new market opportunities for the company and our investors. Krish has scaled a number of organizations in numerous industries and we are looking forward to his leadership, partnership and strategic vision as we accelerate into the next important phase of the company.”

Earlier in 2022, Socure hired Chad Kalmes as its chief information security officer and Brendan Peter as its vice president of government relations as its recent executive-level leadership. Socure says it tripled its valuation and customer count in 2021.

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