INCLINE VILLAGE, NV– May 19, 2022 – Socure, the leading provider of digital identity verification and fraud solutions, today announced record customer growth of 236% for its graph-defined identity verification platform. As fast, accurate, and inclusive customer onboarding has become essential for online companies across all verticals, Socure has emerged as the gold standard in identity verification, enabling organizations of all sizes to drive millions in incremental revenue and open up equitable access to services and benefits.
In the last quarter, Socure experienced record growth across all markets – including significant wins in web3, and online gaming, with year-over-year customer acquisition in these markets increasing 1,200% and 600% respectively – while further strengthening its market leadership in banking, fintech, and financial services industries. Marked customer wins in financial services, fintech, crypto, gaming, e-commerce, healthcare, and the public sector include Fortress, Poshmark, Sezzle, Game Play Network, PrizePicks, GridRival, EarnUp, LoanGlide, State of California, Florida’s Homeowner Assistance Fund, and Bankers Healthcare Group.
Record customer momentum also comes as the company adds Krish Venkataraman as CFO to further accelerate Socure’s growth and operational efficiency while rapidly scaling. An accomplished software and Wall Street executive, Venkataraman is a renowned expert in financial services, cybersecurity, payments, exchange technology and big data, and has the proven ability to turn cost centers into profit centers, guide market leaders to successful IPOs, and consistently exceed Wall Street’s growth expectations.
“Our record customer growth over the last twelve months demonstrates that our identity verification and fraud technology delivers the unmatched accuracy and demographic coverage our customers need to gain a competitive advantage, drive conversions, and generate more revenue,” said Johnny Ayers, founder and CEO of Socure. “With Krish on board, Socure is poised to take our growth to even greater heights as we seize new market opportunities for the company and our investors. Krish has scaled a number of organizations in numerous industries and we are looking forward to his leadership, partnership and strategic vision as we accelerate into the next important phase of the company.”
“Socure offers something I’ve seldom experienced in the last 20 years – an industry leading solution that drives digitalization of commerce worldwide,” said Venkataraman. “The incredible pace at which Socure has won customers in new markets indicates the company has what it takes to seize market leadership in one of the largest TAM’s and biggest opportunities in the evolution of web2 to web3. I’m eager to help Johnny and the management team to take the company to the next phase of growth and maturity.”
Socure also has a best-in-class net revenue retention rate driven by near-zero attrition. Additional growth is being driven by enterprise customers increasingly deploying multiple Socure products across various divisions making Socure their complete KYC, document verification, AML and fraud prevention platform. Partner sales also rose across industries 125% year-over-year as they seek end-to-end solutions from Socure as a single best-in-class provider to help their customers securely verify and onboard consumers accurately in real-time, eliminating friction at sign-up for legitimate users.
Socure partners and customers rely on the platform’s ability to not only provide the most precise identity fraud classification model in the industry, but to also deliver unparalleled accuracy with auto-approval rates of up to 98% for mainstream demographics, and up to 94% for the hard-to-identify populations such as Gen Z, millennial, credit invisible, thin-file, and new-to-country. This dramatically reduces false positives, manual reviews, and customer friction, while onboarding more good consumers quickly, and safely.
In the last quarter, the company also received industry and analyst recognition including:
- FinTech Breakthrough Awards’s Best Identity Verification Solution Winner
- Forbes’s Best Startup Employer Winner (for the third year in a row)
- IDC’s Future of Trust Award Winner
To learn more about Socure’s award-winning identity verification and fraud solutions, click here.