The new financing round was led by Accel and funds and accounts advised by T. Rowe Price Associates
Socure takes its valuation to $4.5bn following a Series E round. (Credit: mohamed Hassan from Pixabay)
Socure, a US-based provider of digital identity verification and fraud solutions, has raised $450m in a Series E round at a valuation of $4.5bn.
The funding round was led by Accel and funds and accounts advised by T. Rowe Price Associates. It also saw the participation from two new investors, which include Bain Capital Ventures and Tiger Global.
Existing investors Commerce Ventures, Sorenson Ventures, and Scale Venture Partners also took part in the Series E round.
Rowe Price Associates private investments director Andrew Davis said: “With its differentiated technology and strong management team, Socure is well-positioned for long-term growth as a leader in identity verification and fraud prevention on the Internet.
“We believe that the company has the potential to become much larger over time through its ability to develop strategic partnerships with some of the largest financial institutions and a range of companies across other industries, and we are pleased to express our conviction with this investment.”
In March 2021, Socure had raised $100m in a Series D round at a valuation of $1.3bn. That round was also led by Accel.
Headquartered in New York City, the company had developed a predictive analytics platform. According to the company, the platform leverages artificial intelligence and machine learning techniques with online/offline data intelligence from email, phone, address, device, IP, velocity, and the larger internet for real time verification of identities.
Socure claims to have over 750 customers spanning the financial services, gaming, telecom, healthcare, and e-commerce industries.
It plans to considerably fast track its investments in innovation of products to address identity verification challenges throughout the entire digital consumer journey. Besides, the firm plans to foray into new markets including the public sector, and continue to build and retain its product, data science, and engineering teams.
It will also use the proceeds from the Series E round to maximise the scale as well as intelligence of its customer consortium data and fully-automated ID+ platform. This will help the company block third party and synthetic fraud apart from addressing payment and first party fraud risk while enabling self-service analytics capabilities.
Socure founder and CEO Johnny Ayers said: “With this additional capital, we will substantially increase our level of commercial velocity and intensity in solving complex customer and societal problems, while maintaining our Day 0 founder’s mentality and continuing to attract the market’s best product, data science, and engineering minds to join our already incredibly talented team.
“We will remain laser focused on our mission to verify 100% of good identities and eliminate fraud on the Internet while holding ourselves to the highest quality standards and cementing Socure as the top performing company in the industry.”