Digital ID firm secures $13.9m in funding

09/08/17

Digital identity verification tech firm Socure ID has announced today that it has closed a $13.9 million Series B round of funding led by Commerce Ventures, with participation from Synchrony Financial,  Flint Capital, Workbench, Santander InnoVentures and Two Sigma Ventures, among others.

The company recently announced a Series A-1 funding round in early December 2016 bringing total funding to date to $27.5 million. The last round of funding drove product and technology innovation while this round will enable Socure to scale sales and support operations, build out its infrastructure and expand into new untapped markets.

"In an increasingly digital world, establishing identity is critical to the success of the next-generation financial services and commerce eco-systems,” said Dan Rosen, Partner of Commerce Ventures.  “Socure has become a leader in digital identity verification by applying state of the art machine learning technologies to 300-plus identity-relevant data sources.  We are very excited to join Socure as they continue their growth and expand into new markets."

Socure continues to prove they are the next generation solution for digital identity verification and fraud prevention,” said Sergey Gribov, Partner at Flint Capital. “Flint Capital is thrilled to support the company in its continued growth and proud to see them continuously being known as a trusted vendor for leading financial institutions.”’

Mariano Belinky, Managing Partner at Santander InnoVentures said, “At Santander, we make investments where we spot an opportunity that can add value to banking customers. Identity verification is a crucial step in any banking process and Socure is at the forefront of innovation in this space. Belinky added, “There is enormous potential for tackling the issue of financial inclusion, with the help of Socure, where citizens may be excluded from the banking system simply because they lack traditional credit records used for identity verification. We're delighted to support Socure's Series B round and look forward to what is to come."

 

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