Company Tackling Identity Fraud with Unique Verification System Raises $2.5 Million for Growth and Expansion
NEW YORK – October 28, 2014 – Socure , the provider of next generation SaaS-based anti-fraud and compliance solutions, announced today the completion of its $2.5 million Series A funding round led by ff Venture Capital. The round also includes Two Sigma Ventures and Founder Collective.
Socure's patent-pending Social Biometrics™ solution leverages online and social behavior checks in real-time, verifying the authenticity of customer identities registered on websites and mobile applications. Enterprises using Social Biometrics APIs achieve higher user acceptance rates with reduced friction, fraud losses and manual review costs. Additionally, Social Biometrics enables a quicker path to Know Your Customer Socially (KYC+S) and Anti-Money Laundering (AML) compliance.
“We empirically measure social proof and authenticity that’s hard to artificially create,” says Sunil Madhu, CEO of Socure. “By using and analyzing that social behavior, we’re changing the economics of identity theft and fraud so enterprises can conduct business online with greater assurance and security."
Companies targeting millennials who use Socure see additional benefits when on-boarding customers in this key demographic. These users, comprising approximately 51% of the world's population, would ordinarily be rejected using only traditional offline identity verification methods. Social Biometrics can determine online entity risk and validate younger and unbanked or underbanked customers, increasing acceptance rates for this business-critical but “thin-file” audience.
“We see consistent, outstanding performance and results when Socure's solutions are deployed in the field," says Johnny Ayers, VP of Business Development at Socure. "On average, our customers experience a 40–80% improvement in fraud capture using Social Biometrics. Every time, Socure delivers significant fraud cost reductions and increased new account acceptances.”
Socure recently won the 2014 North America and Rest of World BBVA Open Talent Awards in the New Banking category1 . The judging panel, consisting of investors, entrepreneurs and BBVA representatives, picked Socure from a field of 8 region finalists, culled from an initial list of 870 applicants2 .
"Sunil, Johnny and the Socure team are tackling a very important problem in a methodical and creative way," said John Frankel, Founding Partner at ff Venture Capital. "We are pleased to welcome Socure to the ffVC family and look forward to arming the team with our resources so they can focus on building a game-changing, resilient business."