Company Tackling Identity Fraud with Unique Verification System Raises $2.5 Million for Growth and Expansion

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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."

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Socure is the leading platform for digital identity trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time. The company has more than 400 customers across the financial services, gaming, telecom, and e-commerce industries, including three of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, and over 100 of the largest and most successful FinTechs. Marquee customers include Chime, Varo Money, Public, Stash, and DraftKings. Investors include Accel, Commerce Ventures, Scale Venture Partners, Flint Capital, Capital One Ventures, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, Two Sigma Ventures, and others.

Socure has received numerous industry awards and accolades, including being named to Forbes America’s Best Startup Employers 2021, being awarded Best New Technology Introduced over the Last 12 Months – Data and Data Services at the 2020 American Financial Technology Awards (AFTAs), being ranked number 70 in Deloitte’s Technology Fast 500™, being listed as a Gartner Cool Vendor, being recognized by Forbes as one of the Top 25 Machine Learning Startups to Watch, being named to CB Insights: The FinTech 250, and being awarded Finovate’s Award for Best Use of AI/ML, to name a few.

Contact

Janine Savarese
Savarese Communications
(908) 461-5767
jsavlowe@savcopr.com