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New York-based Socure Raises $13mn Funding from Flint Capital, Others

socure funding

14 December 2016, USA :

Socure, a pioneer in digital identity verification technology, today announced that it has raised $13 million in a round of funding led by Flint Capital, with participation from ff Venture Capital, Santander and Two Sigma Ventures, among others.

The company plans to utilize the fresh funds to scale operations, accommodating the 300% growth it has seen in 2016. The funds will enable Socure to more quickly innovate its digital identity verification platform, and continue to deliver the most predictive solution in the industry.

“Security, compliance and fraud prevention are key issues for investors, consumers, regulators and employees in the financial services industry,” said Sunil Madhu, CEO and Co-Founder of Socure. “As a year when major breaches were headline news draws to a close, we are thrilled to be able to provide them with a technologically advanced and proven solution.”

“Socure has rapidly developed a leadership position in the large and fast-growing space of digital identity and biometrics,” said Sergey Gribov, Partner at Flint Capital. “The Company supplements market deficiencies in which current identity verification solutions fall short, including Millennials, who largely avoid the use of credit, or abroad, where credit systems don’t exist at all.”

The company is reimagining digital identity verification by creating easily integrated SaaS solutions that increase consumer acceptance, reduce uncaught fraud, and contain the costs of manual review.

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