Socure Raises $450 Million at $4.5 Billion Valuation
Digital identity verification provider Socure on Tuesday announced that it has closed a $450 million Series E funding round, at a $4.5 billion valuation. To date, the company has raised nearly $650 million.
The new funding round was announced roughly half a year after Socure closed a $100 million Series D round, at a $1.3 billion valuation.
The Series E investment round was led by Accel and funds and accounts advised by T. Rowe Price Associates. New investors Bain Capital Ventures and Tiger Global, along with existing investors Commerce Ventures, Sorenson Ventures, and Scale Venture Partners, also contributed.
Socure, which was founded in 2012 and is based in New York, will use the funding to accelerate investment in product innovation, and to enhance its fully-automated, predictive analytics ID+ platform to prevent third party and synthetic fraud, along with payment and first party fraud.
Socure ID+ is already used by some of the largest banks, credit card issuers, and Buy Now, Pay Later (BNPL) providers, as well as fintechs and crypto exchanges.
“With this additional capital, we will substantially increase our level of commercial velocity and intensity in solving complex customer and societal problems, while maintaining our Day 0 founder’s mentality and continuing to attract the market’s best product, data science, and engineering minds to join our already incredibly talented team,” Johnny Ayers, Socure founder and CEO, said.