Socure, a New York City-based leader in identity verification and fraud prevention, as per recent press reports, has raised $30 million in a Series C funding round.
The funding round, which was led by the Foster City, California-based venture capital firm, Scale Venture Partners, was also participated by Commerce Ventures, Flint Capital, Two Sigma Ventures, Sorenson Capital, and Synchrony. With this Series C funding, Socure has raised a total investment funding of $57.5 million.
Tom Thimot, CEO, Socure, says, “This funding will enable us to grow our footprint in new strategic US market sectors that are in need of accurate, automated identity verification technology, including healthcare and the public sector”. Adding further Thimot says, “We will invest in the talent required to continue innovating and expanding our machine learning-based predictive analytics platform.”
The Socure platform leverages emerging technologies like artificial intelligence (AI) and machine learning (ML) techniques to gain deep insights for further analysis of trusted online and offline data from sources like email, phone, IP address, physical address, social media, and the Internet, to assist in its real-time authentication service.
Furthermore, the New York-based fraudulent activity monitor claims its technology has the potential for driving financial inclusion, providing a 40 % increase in acceptance rates for millennials, gen-Zs, and other thin-file applicants.
Scale Venture Partners’ Rory O’Driscoll says, “Companies from banks to insurance carriers to healthcare providers struggle with just how slow, expensive, and inaccurate today’s identity verification services can be”. Concluding O’Driscoll says, “Socure offers them better accuracy and fraud detection, delivered through an easy-to-implement API connection.”