Socure Analysis: $744M Raised
What is Socure?
AI-powered identity verification and fraud prevention
Employees
501-1000
Founded
2012
Latest Funding Round Size
$744.4M
Market Position
Leader
Product Features & Capabilities
- RiskOS™ platform for real-time identity verification
- Socure Verify for comprehensive identity checks
- Sigma Identity Fraud for fraud detection
- Phone RiskScores for assessing phone number legitimacy
- Digital Intelligence for analyzing online behavior.
How much Socure raised
Funding Round - $744.4M
RecentOther Considerations
Notable clients include PrizePicks; Focused on global identity verification in 190+ countries; Offers a comprehensive solution for identity certainty.
Recent Acquisitions
- Berbix - Acquired approximately 21 months ago for about $70 million in cash and stock.
- Effectiv - Announced on October 24, 2024, Socure signed an agreement to acquire Effectiv for $136 million.
Future Outlook
Socure predicts that 2025 will be a breakout year for digital identity verification in the U.S. They emphasize the importance of AI in transforming identity verification, fraud prevention, and risk decisioning. Socure is focused on redefining what's possible in these areas, leveraging AI to enhance efficiency and reduce costs significantly. Their new AI-powered solutions, such as the RiskOS decisioning engine and AI Copilot for watchlist screening, are part of their strategy to address increasing fraud threats and improve operational efficiency.
Awards Recognition
- AI Breakthrough Award - Recognized as the “Best Decision Intelligence Company” in the 2022 AI Breakthrough Awards and awarded for the “Best AI-based Solution for Fraud Prevention” in the 2024 AI Breakthrough Awards.
- Datos Insights' Fraud & AML Impact Award - Won the 2024 award for Best Digital Identity Verification Innovation for its Sigma Identity v4 solution.
- FinTech Breakthrough Awards - Named the Best Identity Verification Solution for two consecutive years, further solidifying its leadership in the identity verification market.
HQ Full Address
885 Tahoe Blvd, Suite 1, Incline Village, Nevada 89451, United States
