We are thrilled to announce that Socure 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. As part of the financing, we added several important strategic investors, including Citi Ventures, Wells Fargo Strategic Capital, and MVB Financial Corp, bringing our total funding to $96 million since inception.
What This Means For You
While the equity investment and backing of top tier strategic investors is a strong signal that Socure is a fast-growing business, we raised this money specifically to further our mission of eliminating identity fraud. That means adding more world-class talent to the team and building on our already strong solutions.
We continue to invest heavily in improving current offerings and rolling out new products to help our customers grow securely and efficiently. Here are a few highlights:
- SigmaFraud v2, achieves superior performance and accuracy by reducing fraud for online new account openings up to 95% with false positives of better than 1:1.
- Synthetic, our newest module, auto-captures over 90% of synthetic fraud in the riskiest 3% of users, for both new and existing accounts.
- DocV, our new, fully automated omnichannel document verification service, can be implemented right at onboarding or as a step-up mechanism.
- Intelligent KYC and Watchlist Screening with Monitoring, the most advanced KYC/AML solution in the market, delivers 90% auto-approval rates or higher on average.
Socure’s ongoing commitment to enhancing our product suite will continue to enable our customers to grow amazing businesses while offering the best possible end-user experiences online. To learn more about how Socure identifies real people in real-time, please reach out to your account manager or visit www.socure.com.
Finally, we want to say thank you for your support and for continuing to push us to be the best identity verification organization in the world. We wouldn’t have achieved this milestone if we didn’t have the opportunity to work with people like you, and we look forward to continuing to build our partnership together.
Tom Thimot, CEO
Johnny Ayers, Founder & Chief Product Officer