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Socure secures USD450m in Series E

Socure, a provider of digital identity verification and fraud solutions, has raised USD450 million in oversubscribed Series E funding round valuing the company at USD4.5 billion.

The company achieved a USD4.5 billion valuation just seven months after its USD1.3 billion Series D, on the back of 500 per cent year-over-year bookings growth and nearly USD1 billion of investment demand, earning Socure the highest valuation for any private company in the identity verification space.
 
The round is part of a Series E transaction led by Accel alongside funds and accounts advised by T Rowe Price Associates, Inc. It also includes two new investors, Bain Capital Ventures and Tiger Global, as well as participation from existing investors Commerce Ventures, Scale Venture Partners, and Sorenson Ventures.
 
Socure will substantially accelerate its investments in product innovation to address identity verification challenges across the entire digital consumer journey, penetrate new markets including the public sector, as well as continue to attract and retain the best product, data science, and engineering teams in the world. The capital will also allow Socure to maximise the scale and intelligence of its customer consortium data and fully-automated ID+ platform to not only prevent third party and synthetic fraud, but also address payment and first party fraud risk while enabling world-class self-service analytics capabilities.
 
Socure ID+ has become the preferred identity verification and fraud platform for enterprises of all sizes and is trusted by four of the five largest banks, seven of the 10 largest credit card issuers, top Buy Now, Pay Later (BNPL) providers, top investment management firms, top crypto exchanges, and the majority of top fintechs. The company is also accelerating its market leadership in telehealth, gaming, e-commerce marketplaces, and the public sector. Socure customers have also become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyager, and Synchrony. Other marquee customers include Chime, SoFi, Varo Money, Public, Stash, and DraftKings.
 
Johnny Ayers, Founder and CEO, Socure, says: “When you’re a market leader, you move from attacking and replacing the incumbents repeatedly as you earn your seat at the table to truly being a strategic partner to many of the best companies in the world. 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 per cent 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.”

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