Socure has achieved another record-breaking milestone, with a $4.5B valuation as part of a $450M Series E on the back of five consecutive blockbuster quarters and 500% year-over-year bookings growth. In less than seven months since its Series D announcement, Socure has emerged as the clear market leader and highest-valued company in the digital identity verification space. This new investment from the top investors in the world combined with a fast-growing customer base of more than 750 top enterprises means that Socure’s mission to verify 100% of good identities in real time while completely eliminating identity fraud for every applicant and transaction on the internet is moving ahead at warp speed. I wanted to take a moment to share my enthusiasm about this announcement, memorialize how we got here, and preview what’s ahead.
The Ultimate Validation
The new round builds upon proven results and a team that is obsessed with problem solving for our customers – day in and day out. Just two weeks ago, the company announced breakout bookings growth and a 221% year-over-year increase in new customers on top of a net retention rate of 179%. Socure ID+ has become the preferred identity verification and fraud platform for enterprises across industries, and is now trusted by four of the five largest banks, seven of the 10 largest credit card issuers, the top Buy Now, Pay Later (BNPL) providers, top investment management firms, leading crypto exchanges, and over 100+ of the largest Fintechs. Market leadership in healthcare, digital gaming, e-commerce marketplaces, and the public sector continues to advance at a rapid pace as well. Further validating Socure’s industry-leading technology and solutions, many of these customers have also become investors in the company, including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyager, and Synchrony. Other marquee customers include Chime, SoFi, Varo Money, Public, Stash, and DraftKings.
The landscape is ever-changing and this investment allows the team to supercharge product development efforts to address identity verification challenges across the entire digital consumer journey, beyond just day zero. We will make bold investments where we see a strategic opportunity to expand our market leadership position either through product innovation, acquisition and/or new market penetration. GTM priorities will include penetrating new verticals to maximize the scale and intelligence of Socure’s ID graph and consortium network as well as its ID+ platform to not only prevent third-party and synthetic fraud, but also to address transaction and first-party fraud risk while enabling world-class self-service analytics and capabilities.
Democratizing Digital Access
The global pandemic has forced almost every industry in every geography to go digital, creating tremendous growth opportunities but also a breeding ground for new fraud attacks. In the private sector, according to Javelin Strategy & Research, identity fraud losses in the U.S. in 2020 reached a whopping $56B. And in the public sector, 2020 identity fraud losses in unemployment alone totaled $400B. The greatest challenge in the movement to digitize? Distinguishing legitimate customers from fraudsters across all ages and demographics, and that’s where Socure far outshines the competition. Those that are hard-to-identify online, including more than 45 million U.S. consumers that are credit invisible, especially younger, thin-file 18-25 year olds and new-to-country individuals, result in significant lost economic opportunities for consumers and enterprises alike. In this recent, first-ever study, Socure proved how legacy identity verification vendors dismiss many individuals with good identities, boxing them out of the online digital commerce ecosystem. Through the unparalleled inclusiveness and accuracy of Socure’s KYC solution, if used exclusively across the country’s financial services industry, this technology alone could potentially double the number of instantaneous, fully-automated credit application approvals and overall access allowed in the U.S. in any given year versus the outcome when relying on legacy solutions.
Finally, one of the most exciting aspects of this infusion of funding and validation is that Socure can continue to attract and retain the best product, data science, and engineering teams in the world. Recruiting top notch talent, like recent hires Scott Slipy, Matt Thompson, Mike Cook, Debra Geister, Eric Woodward, Gary Sevounts and Rong Cao, is key to Socure’s continued success. Leaders like these who have come on board serve as further proof that Socure is transforming the digital identity verification landscape in all aspects of hiring and retention, and across all verticals and industries. With tremendous growth opportunities and employees that are shaping the future of identity verification and how distributed, global teams actually achieve unprecedented success, there is no better time to join the rocketship that is Socure.
Time to Connect
From day one, I have created an internal culture of transparency and collaboration above all else. I extend that sentiment to Socure’s customers, partners, and investors, and personally invite you to reach out and connect if you have questions about the company, our solution suite, our product roadmap or any other ideas on how to build upon Socure’s success to better serve you in 2022. My door is always open to take you and your team through a product demo or a business update. Send an email to firstname.lastname@example.org or click here to set that up!
Johnny is the founder and CEO of Socure. As an industry expert on fraud prediction, authentication, and KYC/CIP/AML verification, he has helped build the ID+ platform into what it is today–the most powerful, predictive solution for digital organizations across industries to better understand identity and onboard new customers. Outside of Socure, Johnny is an active advisor to and investor in a growing number of emerging technology companies.
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