NEW YORK — Socure, a provider of digital identity verification services, has raised $35 million in a round led by Sorenson Ventures with participation from existing investors Commerce Ventures, Scale Venture Partners, and Flint Capital. As part of the financing, several strategic investors are also participating, including Citi Ventures, Wells Fargo Strategic Capital, and MVB Financial Corp, bringing total funding to $96 million since the company was founded in 2012.
Socure is a developer of high-assurance digital identity verification technology. Its predictive analytics platform 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 percent for millennials and other thin-file consumers. It also reduces fraud for online new account opening by up to 90 percent, lowers manually reviewed knowledge-based authentication (KBA) rates by as much as 80 percent, and automates Customer Identification Program (CIP), Know Your Customer (KYC) and anti-money laundering (AML) compliance initiatives.
