Socure, a New York-based company that uses AI and machine learning to verify identities, announced today that it raised $450 million in funding for its Series E round led by Accel and T. Rowe Price. The round brings the company’s valuation to $4.5 billion.
Bain Capital Ventures and Tiger Global joined the round as new investors. Existing investors Commerce Ventures, Scale Venture Partners, and Sorenson Ventures also participated.
The company plans to use the funds in two ways — to execute on its mission to “verify 100% of good identities and completely eliminate identity fraud” and to increase its investments “across the entire identity verification lifecycle,” further developing proofing and authentication processes, per Ayers.
Company: Socure Inc.
Round: Series E
Funding Month: November 2021
Lead Investors: Accel and T. Rowe Price
Additional Investors: Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, and Sorenson Ventures
Company Website: https://www.socure.com/
Software Category: Predictive analytics platform for digital identity
About the Company: Socure, founded and led by Johnny Ayers, provides a platform for digital identity verification and trust. Its predictive analytics platform combines online/offline data intelligence from email, phone, address, IP, device, velocity, and the larger internet with artificial intelligence and machine learning algorithms to validate identities in real-time. The company has more than 750 customers across the financial services, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 100 of the largest fintech. Customers include Chime, SoFi, Varo Money, Public, Stash, and DraftKings.