Socure

History

2021: Raising $100 million with an estimate of $1.3 billion

In mid-March 2021, the Russian fund Flint Capital again invested in Socure, which uses artificial intelligence and machine learning to verify identity. Socure raised $100 million as part of the Series D funding round with an estimate of $1.3 billion. Sponsors also included Commerce Ventures, Scale Venture Partners, Citi Ventures and others.

It is assumed that by 2023 the digital identification market in the United States will grow to $30 billion, that is, twice as much as 2019. This pace of development has led to a sharp increase in demand for digital identity services. The Socure team set itself the task of checking 100% of "correct identifiers" in real time when "completely eliminating" fraud using personal data on the Internet (Protection of personal data in countries of the world).

Russian fund Flint Capital invested in an estimated $1.3 billion developer of identity software

Initially, Socure focused on the financial services industry, but plans to use the new capital to further expand "across all consumer-oriented verticals," including online gaming, healthcare, communications, e-commerce and on-demand services.

The startup's predictive analytics platform uses artificial intelligence and machine learning technologies with online/offline data analytics (taking into account email, phone, address, IP address, devices, speed and, in general, data from the Internet) to check whether a person is really what he calls when applying for various accounts.

Socure already has more than 350 customers, including the three largest banks, six largest card issuers, a "leading" credit bureau and more than 75 fintech companies such as Varo Money, Public, Chime and Stash. In 2020, Socure increased its customer base by more than 85% year-on-year and increased its staff by more than 50% to 240 people.^[1]

2020: Flint Capital invested in Socure

At the end of August 2020, the Russian fund Flint Capital invested in developer ON to verify the identity of Socure. The received means will allow the startup to create new means of combating and fraud Expand the client base.

Socure uses methods to verify digital identifiers machine learning and predictive analytics for human authentication, using databases with e-mail addresses, telephones, social networks accounts and IP addresses from more than 310 sources. The Socure algorithm compiles people's "trust scores" in less than a second and explains in detail how he came to his conclusions.

Russian fund Flint Capital invested in software developer to verify identity

The updated Socure software features a modular design and new In money laundering addition, it has appeared in it Optional Component for Physical Authentication identifiers. Due to this, the software can be used by creditors, e-commerce companies, retailers and others persons who deal with potentially risky or "petty" clients.

Socure has also launched the third generation of its platform, which allows you to assess the likelihood of fraud and check documents, aggregating heterogeneous data. Startup also launched Intelligent KYC system that uses different sources data, graphical analytics, and machine learning.

By the end of August 2020, Socure's customers include four of five of the largest US banks and eight of the ten largest issuers credit cards, as well as companies such as Varo, Chime and Stash. Socure claims that when using the company's software, customers see 80% and 90% reduction in fraud and manual verification costs accordingly, and the number of authentication errors is reduced by 40%.^[2]

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