Digital Identity Verification Firm Socure Reports Steady Revenue Growth, Appoints New CFO

Socure, the provider of digital identity verification and fraud solutions, has achieved 376% revenue growth from 2019 to 2022 and appointed seasoned technology professional Aaron Barfoot as the company’s new Chief Financial Officer to help drive Socure’s next phase of growth.

Barfoot reportedly “brings over 20 years of experience driving growth and building high-performance finance teams in the B2B technology industry, including experience taking high-growth software companies into public markets.”

He will lead Socure’s finance, legal, people and operations teams and “serve as a strategic partner to Socure founder and CEO Johnny Ayers as Socure continues to achieve its goal of being the world’s most accurate and inclusive identity verification and risk prevention provider.”

Barfoot joins Socure as “the company continues on its path toward strong, profitable growth.”

Today, Socure services over 1,800 companies, “including four of five of the largest banks, 13 of 15 leading card issuers and more than 400 of the largest fintechs, online gaming operators, government agencies, eCommerce marketplaces and enterprises across all consumer industries.”

Recent highlights include:

Nearly 400 new customers were “added in the last year, with an 85% year-over-year (June 2022 to June 2023) increase in the average deal size.”

The volume of existing customers’ identity verification calls “rose by 58% year-over-year (June 2022 to June 2023) and new sales to existing customers increased 47% over the same time period.”

The enormous lift in both “reflects Socure’s dedication to partnering with customers deeply to solve their toughest and constantly evolving digital identity challenges.”

The company recently “announced its $70M acquisition of Berbix, the developer of the highest-accuracy document verification solution with a patent-pending forensics engine.”

Socure has integrated “the Berbix technology into its Predictive Document Verification (DocV) 3.0 solution to deliver the market’s highest levels of accuracy, speed, user experience and fraud reduction.”

The company also secured “a $95M credit facility with J.P. Morgan to further strengthen the company’s financial position.”

Ayers said:

“Aaron has a wealth of experience building, operating and leading world-class organizations, and he shares our passion for Socure’s vision to be the world’s most accurate and inclusive risk and identity verification company. His knowledge and hands-on experience will be invaluable to help us scale Socure to new heights and build an enduring public company.”

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