Financing Will Accelerate Go-to-Market Strategy, Expansion
Socure, a pioneer in digital identity verification technology, today announced that it has closed a $13M round of funding led by Flint Capital, with participation from ff Venture Capital, Santander InnoVentures and Two Sigma Ventures, among others. The company will use the capital to scale operations, accommodating the 300% growth it has seen in 2016. The funds will enable Socure to more quickly innovate its digital identity verification platform, and continue to deliver the most predictive solution in the industry.
Socure is reimagining digital identity verification by creating easily integrated SaaS solutions that increase consumer acceptance, reduce uncaught fraud, and contain the costs of manual review. Since its inception, the company has established itself as a pioneer in the space, offering RESTful APIs delivered via a secure and scalable cloud-based software infrastructure, to validate identities in real-time.
“Socure has rapidly developed a leadership position in the large and fast-growing space of digital identity and biometrics,” said Sergey Gribov, Partner at Flint Capital. “The Company supplements market deficiencies in which current identity verification solutions fall short, including Millennials, who largely avoid the use of credit, or abroad, where credit systems don’t exist at all.”
While increasing customer acceptance is key, fraud is ever-evolving, and Socure seeks to assist companies large and small in adapting their protection strategies accordingly. The patented platform and ID+ solution has been proven to increase fraud capture by up to 80%, and provide comprehensive KYC and AML compliance for verifying individuals in a global environment.
“Socure is a key element in our identity verification stack, that has enabled us to substantially increase acceptance of new customers,” said Brandon Krieg, CEO and Co-Founder at Stash. “We have reduced the friction in the new account opening process, and are able to perform the required Know-Your-Customer (KYC) and Anti-Money Laundering (AML) compliance checks quickly and easily with ID+ from Socure,” he continued.
“Security, compliance and fraud prevention are key issues for investors, consumers, regulators and employees in the financial services industry,” said Sunil Madhu, CEO and Co-Founder of Socure. “As a year when major breaches were headline news draws to a close, we are thrilled to be able to provide them with a technologically advanced and proven solution.”
The announcement comes on the heels of a momentous release of ID+, the company’s flagship product for consumer verification.
Socure’s Social Biometrics™ technology applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, social media and the broader Internet to authenticate identities in real-time. Socure powers financial inclusion, increasing acceptance as much as 40% for Millennials and other thin-file consumers. It also bolsters CIP/KYC programs and AML compliance for enterprises in the US, helping them to reduce fraud up to 80%, lower manual review costs as much as 90%. Socure was founded in 2012 and is based in New York City.
About Flint Capital
Flint Capital is an international venture capital fund established by IT entrepreneurs with the primary mission of discovering and supporting bold-thinking founders and their teams from Europe, Israel and US across a number of industries. Flint capital leads funding rounds at the Seed, Series A and Series B stages, focusing on companies that have the potential to disrupt their respective industries.
About ff Venture Capital
ff Venture Capital (ffVC) is the most engaged early-stage venture capital firm in New York City. ffVC invests in some of the strongest growth areas to date, including cybersecurity, artificial intelligence, machine learning, drones, enterprise cloud software, and crowdfunding, and identifies and invests in technology and technology-enabled companies at their inception—across geographies and emerging industries.
About Santander InnoVentures
Santander InnoVentures is a FinTech venture capital fund fully-owned by Grupo Santander. The fund is stage-agnostic and invests both capital and resources in companies globally. It focuses on start-ups that can increase the value proposition to Santander Customers across the Group’s 10 major geographies, while creating value for the companies it invests in.
About Two Sigma Ventures
Two Sigma Ventures invests in companies run by highly driven people with potentially world-changing ideas. They seek out companies using technology, computing, mathematics, or data to tackle hard problems, and aims to help them thrive.