Unicorn Status: Digital Identity Verification Provider Socure Raises $100 Million Through Series D Funding Round Led By Accel

 

Socure, a U.S.-based digital identity verification provider, announced earlier this week it secured $100 million through its Series D funding round, which was led by Accel with participation from Commerce Ventures, Scale Venture Partners, Flint Capital, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, and Two Sigma Ventures. The company revealed that this latest investment round brings its total funding to $196 million, which includes a $35 million investment from Sorenson Ventures, achieving unicorn status.

Founded in 2012, Socure claims it is the leader in digital identity verification technology for “Day Zero and beyond.” The company’s predictive analytics platform applies artificial intelligence and machine-learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real-time.

With Socure, B2C enterprises can achieve KYC auto-approval rates of up to 97%, as well as identity and synthetic fraud capture rates of up to 90% in just the riskiest 2% of users. When combined with Socure’s physical document authentication solution, Socure supports fully-automated decisioning of up to 98%.”

Speaking about the company’s progress and investment round, Johnny Ayers, Co-Founder and CEO of Socure, stated:

“We are now more confident than ever that we will be the first company to eliminate identity fraud while unlocking complete and fully-automated coverage of every good ID. Reaching unicorn status is a testament to our dedicated and talented team which we are looking forward to rapidly scaling to meet demand. We are incredibly grateful for the chance to innovate and partner to solve this problem with some of the greatest companies in the world and are energized for the opportunities that lay ahead for Socure, especially as we make our march to a potential IPO.”

Funds from the Series D round will support the company’s rapid expansion across every consumer-facing verticals, including online gaming, healthcare, telco, e-commerce, and on-demand services. It will also accelerate product innovation as the company’s patent portfolio grows and the company continues to attract top talent.

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