Socure, the provider of digital identity verification and fraud solutions, announced it has entered into a $95 million, three-year credit facility with J.P. Morgan, Silicon Valley Bank, and KeyBanc Capital Markets.
This line of credit will further strengthen the company’s financial position as it “continues on its mission to be the first and only solution provider to verify 100% of good identities in real-time and completely eliminate identity fraud on the internet.”
Founder and CEO of Socure, Johnny Ayers, said:
“Socure is in an exceptional position to solve what organizations and government agencies need most today — accurate and inclusive real-time identity verification without costly fraud and friction within the customer experience. With this facility further strengthening our balance sheet, Socure is in a tremendous position to leave the recession much stronger than when we went into it while continuing to distance ourselves from the competition through investments in new solutions, verticals, and strategic acquisitions.”
Lauren Hogan, Technology & Disruptive Commerce Relationship Executive, Middle Market Banking & Specialized Industries at J.P. Morgan, said:
“We’re proud to support Socure as it continues to expand its market leading identity verification capabilities across banks, fintechs, governments and enterprises. We look forward to continuing to share our industry expertise, treasury platform and global banking capabilities with progressive leaders like Socure who are driving forward the Innovation Economy.”
Ayers continued:
“J.P. Morgan is an incredibly innovative bank. I’m excited about this partnership as Socure continues to expand upon our product and market leadership.”
As noted in the update, Socure claims it is “the leading platform for digital identity verification and trust.”
Its predictive analytics platform “applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from physical government-issued documents as well as email, phone, address, IP, device, velocity, date of birth, SSN, and the broader internet to verify identities in real time.”
The company “has more than 1,500 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, 13 of the top 15 card issuers, the top three MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 250 of the largest fintechs.”