Identity Verification Company Socure Raises $100 Million at $1.3 Billion Valuation
Digital identity verification firm Socure this week announced raising $100 million in a Series D funding round.
The round, which brings the total invested into the company to $196 million, was led by Accel, with participation from Commerce Ventures, Scale Venture Partners, Flint Capital, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, and Two Sigma Ventures, among others.
Socure says it will use the money to support its expansion and accelerate product development.
“The COVID-19 year accelerated our global shift to a digital-first economy and with that came security challenges,” said Amit Jhawar, Partner at Accel. “The Socure team accurately predicted the immediate need for identity verification solutions in industries like banking and fintech, and we’re excited by the tremendous opportunity as Socure expands to support new industries.”
Following this funding round, the company has been valued at $1.3 billion, which technically makes it a so-called “unicorn.”
The term “unicorn” was originally assigned to companies that had a valuation of over $1 billion because they were so rare. However, in the past four months alone, at least nine security companies (Aqua, Axonius, BigID, Coalition, Forter, Lacework, OwnBackup, Venafi, Wiz) announced valuations exceeding $1 billion, which means unicorns are not that rare anymore.
Socure provides a predictive analytics platform that leverages AI, machine learning and data intelligence to verify identities in real time. The solution is designed to help organizations detect identity fraud risk, eliminate synthetic identity fraud, meet compliance requirements, and perform risk-based document verification.
The company claims to have more than 350 customers in the financial services, telecom, gaming and e-commerce sectors.