Socure, a startup that verifies people’s identities using AI and machine learning, revealed today that it has secured $450 million in a Series E round led by Accel and T. Rowe Price. As more organizations go digital and fraud rises, Socure, a New York-based digital identity verification firm, secured a billion valuation. The transaction increases the company’s valuation to $4.5 billion, up from $1.3 billion when it received $100 million in its Series D round in March. According to the company, its new valuation makes Socure the most valuable private company in the identity verification industry.
Socure closed a $100 million Series D investment at a $1.3 billion valuation just seven months ago. Socure was founded in 2012 and has raised $646 million to date, according to the business. Banks, credit card firms, fintech and crypto companies, and other businesses use the company’s Socure ID+ platform to authenticate identities and reduce fraud. As more businesses digitize and e-commerce expands, the ability for organizations to determine if customers are real and recognize fraud has become increasingly more vital.
New investors Bain Capital Ventures and Tiger Global have joined the round. Commerce Ventures, Scale Venture Partners, and Sorenson Ventures were among the existing investors. Since its inception in 2012, the company has raised $646 million in total investment. Signifyd, situated in San Jose, California, raised a $205 million Series E round in April, valuing the company at $1.34 billion. Ayers added that, in addition to startups, Socure competes with established corporations such as credit reporting agency Experian, LexisNexis, and identity verification company Jumio.
