Machine learning-based digital identity verification firm Socure has secured a strategic investment from Capital One Ventures, although the amount remains undisclosed.
This investment follows a significant $100 million Series D funding round in March, led by Accel and supported by the investment divisions of Citi and Wells Fargo.
Socure’s predictive analytics platform utilizes AI and machine learning techniques combined with reliable online and offline data intelligence—including email, phone, address, IP, device information, and internet activity—to verify identities in real-time.
Capital One, an early adopter of Socure’s technology, reports that its implementation has enhanced fraud detection accuracy, leading to a reduction in customer friction while effectively preventing further fraudulent activities.
Aman Sharma, partner at Capital One Ventures, stated: “Socure’s exceptional performance in fraud classification and identity verification not only highlights the accuracy of their platform but also emphasizes their role in incorporating more eligible consumers into the digital services ecosystem as they expand into new sectors beyond financial services.”
Having established itself as a leader in the financial services industry, Socure plans to leverage this latest funding to venture into additional verticals, including online gaming, healthcare, telecommunications, e-commerce, and on-demand services.