Digital trust and identity verification innovator Socure announced today that it has received a strategic investment from Capital One Ventures, Capital One Financial Corporation’s venture capital division. The amount of the investment was not disclosed, but it adds to the $192 million the company has raised to date. This sum includes a $100 million Series D round in March, which gave Socure more than a billion dollar valuation.
The company plans to use the additional financing to fuel its expansion across a range of verticals including financial services, healthcare, e-commerce, on-demand services and online gaming. Named one of America’s Best Startup Employers by Forbes for the past two years in a row, Socure will also use the funding to help add to its workforce.
“We are thrilled to add Capital One to our expanding roster of strategic investors. We were fortunate to have met the venture as well as fraud and identity teams early on in Socure’s journey,” Socure co-founder and CEO Johnny Ayers said. “We admired their focus and discipline as a data science and analytics-driven company and channeled that as we built Socure.”
A Finovate alum since 2013, Socure offers a real-time predictive analytics platform that combines machine learning and AI with digital, offline, and social identity data to provide a unique identity verification and fraud prevention solution. In 2017, the company added an Au10tix-powered, integrated Document Authentication service to its platform to enhance its ability to verify the authenticity of government-issued identification and accurately associate it with the relevant PII. The addition gave the platform the ability to provide a wider range of identity verification – from email, phone, and address risk-scoring to overall identity risk prediction, KYC, and physical document verification – all in a single, integrated solution. Socure notes that it achieve fraud capture rates of 85%, increases in auto enrollment by 90%, and an 8x to 10x reduction in false positives.
In April, digital wagering platform DraftKings enhanced its compliance technology with Socure’s Intelligent KYC and Global Watchlist with Monitoring solutions. Also in April, Socure announced that it would provide identity verification services as part of Microsoft Azure Active Director verifiable credentials. We profiled Socure co-founder Ayers last fall shortly after he took over as CEO.