Socure snaps up ID verification start-up Berbix for $70m
Socure, a US-based ID verification and fraud solutions provider, has acquired fellow ID verification firm Berbix for $70 million in cash and stock.
Founded in 2018 by former Airbnb employees and based in San Francisco, Berbix offers a document verification solution boasting a patent-pending forensics engine that can detect spoofed IDs, including AI-generated fakes, that the start-up says are “visually indistinguishable to the human eye”.
With the acquisition, Socure has integrated Berbix’s technology to launch its new predictive document verification solution, DocV 3.0, claiming it “far outpaces” market competitors in terms of speed, accuracy, user experience and fraud reduction.
Socure’s DocV 3.0 offering brings together Berbix’s forensics engine and data extraction capabilities and Socure’s front-end image capture app to provide an automated document verification experience. It also leverages data to provide risk decisions on the individual connected to the physical credential.
Socure says the acquisition accelerates its product innovation roadmap by over 18 months, opening up more markets and use cases while accelerating its international expansion.
Founded in 2012 and based in Nevada, Socure claims to serve more than 1,800 companies, including four of the top five banks, leading card issuers and more than 400 of the largest fintechs. In March, it secured a $95 million credit facility from JP Morgan, Silicon Valley Bank and KeyBanc Capital Markets.