NEW YORK, NY – August 25, 2020 – Socure, the leader in Day Zero identity verification, today announced it has raised $35 million in a new round led by Sorenson Ventures with participation from existing investors Commerce Ventures, Scale Venture Partners, and Flint Capital. The round also included new strategic investor participation from Citi Ventures, Wells Fargo Strategic Capital, and MVB Financial Corp. This brings Socure's total funding to $96 million.

The funds will be used to support Socure’s growth, enhance its machine learning capabilities, and further its mission to eliminate identity fraud and become the most trusted source of identity verification. Earlier this year, Socure was named to Forbes’ Top 25 Machine Learning Startups To Watch.

“We are grateful to have had significant investor interest despite the current economic environment, and are proud to have taken less money than was on the table,” said Tom Thimot, CEO of Socure. “As we continue to build on our position as the leader in Day Zero identity, we are prioritizing investment in new verticals, talent, products and capabilities.”

“Advanced identity screening solutions have become essential for financial institutions to effectively prevent fraud as cyber criminals are becoming increasingly sophisticated,” explained Travis Skelly, Director, Venture Investing at Citi Ventures. “Socure has established itself as a market leader in the identity verification space and Citi Ventures is excited to support their ongoing growth story.”

“The current climate is accelerating a shift to digital channels, further emphasizing the need for reimagined identity verification to better combat evolving patterns of fraud,” said Basil Darwish, Managing Director with Wells Fargo Strategic Capital. “Socure’s seamless and adaptive solution facilitates an enhanced customer experience, and we are pleased to support their continued growth with this investment.”

About Sorenson Ventures

Sorenson Ventures is a Silicon Valley and Utah-based early-stage venture capital fund focused on enterprise software and security investments. Sorenson Ventures has more than $100 million in capital under management. The fund is managed by Ken Elefant and Rob Rueckert, who have both operating experience and venture experience at Battery Ventures, Lightspeed and Intel Capital. The principals of the fund are especially known for making value add connections to Global 2000 customers and have partnered with outstanding entrepreneurs through the years.

About Citi Ventures

Citi Ventures ignites change and reimagines solutions that drive economic progress for clients. Headquartered in Silicon Valley with offices in San Francisco, New York, London and Tel Aviv, Citi Ventures accelerates discovery of new sources of value by exploring, incubating and investing in new ideas, in partnership with Citi colleagues, our clients and the innovation ecosystem. For more information visit: http://ventures.citi.com/.

About Wells Fargo Strategic Capital

Wells Fargo Strategic Capital, a subsidiary of Wells Fargo & Company, provides long term capital in the form of equity and/or debt to current and prospective business customers, commercial partners of Wells Fargo, as well as approved Small Business Investment Company (SBIC) funds. Wells Fargo Strategic Capital’s Merchant Banking team focuses primarily on private companies across a wide range of industries, providing creative financing solutions that fund growth and other capital needs. Wells Fargo Strategic Capital has approximately 50 team members across the United States and holds over 180 portfolio investments.

About MVB Financial Corp.

MVB Financial Corp. (“MVB Financial” or “MVB”), the holding company of MVB Bank, is publicly traded on The Nasdaq Capital Market® under the ticker “MVBF.” Nasdaq is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its subsidiary, MVB Bank, Inc., and the Bank’s subsidiaries, MVB Community Development Corporation, Chartwell Compliance and Paladin, the company provides financial services to individuals and corporate clients in the Mid-Atlantic region and beyond. For more information about MVB, please visit ir.mvbbanking.com.

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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 500 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