Socure raises $14m in new funding
In a Series B round led by Commerce Ventures, digital identity verification specialist Socure raised $13.9 million in new funding, writes Finovate, Banking Technology‘s sister company.
The investment, which also featured the participation of Flint Capital, Santander InnoVentures, Synchrony Financial, Two Sigma Ventures, and Workbench, takes Socure’s total funding to $27.5 million.
“The funding will help us meet the increasing demand by accelerating market penetration in current and new markets, while maintaining our leadership position in the digital identity verification market,” Socure co-founder and CEO Sunil Madhu says. The capital will also go toward growing the company’s sales and support operations, as well as building out its infrastructure.
Socure’s Predictive Analytics Platform helps companies in a number of verticals improve onboarding of new customers and reduce identity fraud. The company’s technology leverages online and offline data, including data from social networks to discern whether or not a given person has been accurately identified. Socure says its technology has improved customer acceptance rates by more than 35% in new account openings. The company’s solutions have also reduced manual review by 90%, producing low historical false positives and eliminating the reliance on knowledge-based authentication. Socure also supports KYC and AML compliance requirements, providing increased fraud capture of 50%.
Calling identity verification “critical to the success of the next-generation financial services and commerce eco-systems,” Commerce Ventures partner Dan Rosen highlights Socure’s ability to leverage data to determine identity.
Mariano Belinky, Santander InnoVentures managing partner, adds that Socure’s technology was especially useful for providing financing to thin credit file individuals and those from underbanked communities. “There is enormous potential for tackling the issue of financial inclusion, with the help of Socure,” Belinky notes.
Founded in 2012 and headquartered in New York City, Socure unveiled its remote facial biometrics solution, Perceive, at FinovateFall 2015. Socure says it has a top five US bank, a top five global money transfer provider and a top ten US card issuer on its customer list.
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