Digital identification verification firm Socure introduced that it has secured $100 million in Series D funding in a spherical led by Accel and that includes participation from the funding divisions of Citi and Wells Fargo. The funding brings the corporate’s complete capital to greater than $196 million.
“We at the moment are extra assured than ever that we would be the first firm to remove identification fraud whereas unlocking full and fully-automated protection of each good ID,” Socure CEO Johnny Ayers stated.
Additionally collaborating within the spherical have been Commerce Ventures, Scale Enterprise Companions, Flint Capital, Strategic Capital, Synchrony, Sorenson, and Two Sigma Ventures. And whereas a particular new valuation was not included within the funding announcement, Socure’s Ayers hinted on the lofty stage – and extra – in congratulating his staff on the corporate’s success.
“Reaching unicorn standing is a testomony to our devoted and proficient staff which we’re wanting ahead to quickly scaling to satisfy demand,” Ayers stated. “We’re extremely grateful for the possibility to innovate and accomplice to resolve this downside with among the biggest firms on the earth and are energized for the alternatives that lay forward for Socure, particularly as we make our march to a possible IPO.”
A Finovate alum since 2013, the corporate demonstrated its digital-to-physical identification verification know-how at our fall convention in 2017. Socure’s predictive analytics platform marries AI and machine studying with trusted on- and offline information intelligence from all kinds of sources to confirm identities in actual time. Working in a lot of verticals starting from monetary companies and eCommerce to gaming and telecom, Socure has greater than 350 prospects together with three of the highest 5 banks, six of the highest 10 card issuers, and greater than 75 of essentially the most modern fintechs together with Varo Cash, Chime, and Stash.
Extra lately, Socure introduced a partnership with advisory, tax, and assurance agency Baker Tilly that has since established that Socure’s Clever KYC product meets “and creates extra assurance” in offering USA PATRIOT Act compliance. Earlier within the yr, Socure had introduced that Clever KYC can be made available to digital gaming operators in eleven states.