Socure raises $100m in Series D round featuring Citi & Wells Fargo
Socure, a New York-based digital identity firm, has raised $100 million in a Series D funding round led by Accel.
Existing investors, Commerce Ventures, Scale Venture Partners, and Flint Capital, also participated in the round, among others. Both Citi and Wells Fargo’s venture groups participated in the round.
The new round brings Socure’s total funding to $196 million, following a $35 million investment less than six months ago from Sorenson Ventures.
Socure says the fresh cash will fuel a “rapid expansion across every consumer-facing vertical”. This includes online gaming, healthcare, telco, e-commerce, and on-demand services.
Proceeds from the round will also go towards an acceleration of product innovation. The firm says its patent portfolio is growing and attracting “top talent”.
Amit Jhawar, partner at Accel and former general manager of Venmo, will join the board of directors at Socure.
The firm claims that its platform enterprises can achieve know your customer (KYC) auto-approval rates of up to 97%.
It uses a modularised application programming interface (API) to “maximise a company’s accuracy at sign-up and transaction”, while capturing “more fraud, reducing false positives, [and] decreasing manual reviews”.
Johnny Ayers, co-founder and CEO of Socure, says his firm is “honoured” to be working with Accel.
He adds his firm wants to ensure “100% trusted identity for every application and transaction” on the Internet.
“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.”
One World Identity data projects the US digital identity market to increase from $15 billion in 2019 to over $30 billion by 2023.
“The COVID-19 year accelerated our global shift to a digital-first economy and with that came security challenges,” says new board member Jhawar.
“The Socure team accurately predicted the immediate need for identity verification solutions in industries like banking and fintech. We’re excited by the tremendous opportunity as Socure expands to support new industries.”