Machine learning-based digital identity verification firm Socure has successfully closed an oversubscribed $450 million funding round, achieving a valuation of $4.5 billion.
The funding was led by Accel and T. Rowe Price, with participation from Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, and Sorenson Ventures. This latest investment follows a $100 million Series D raise in March, which was also led by Accel and included participation from the investment arms of Citi and Wells Fargo, along with an investment from Capital One Ventures.
Socure’s predictive analytics platform utilizes AI and machine learning, alongside trusted online and offline data intelligence—including email, phone, address, IP, device, and velocity data—to verify identities in real time. The New York-based company claims its technology can achieve KYC auto-approval rates of up to 98%, with capture rates of 90% among the riskiest 3% of users.
Since the Series D round, Socure’s valuation has tripled, driven by a remarkable 500% year-over-year growth in bookings and nearly $1 billion in investment demand. The firm now serves 750 clients, including four of the five largest banks, seven of the 10 largest credit card issuers, leading buy-now-pay-later providers, investment management firms, cryptocurrency exchanges, and various fintech companies.
Johnny Ayers, CEO of Socure, stated, “As a market leader, we transition from challenging incumbents to becoming a strategic partner with some of the best companies worldwide. With this additional capital, we aim to significantly enhance our commercial efforts in addressing complex customer and societal challenges, all while maintaining our founder’s mentality and continuing to attract top talent in product development, data science, and engineering.”