Socure

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Socure
Private
ISIN🆔
IndustryIdentity verification
Founded 📆2012
Founders 👔Johnny Ayers, Sunil Madhu
Headquarters 🏙️,
Area served 🗺️
Members
Number of employees
296 [1]
🌐 Websitesocure.com
📇 Address
📞 telephone

Socure is an American predictive analytics and machine learning SaaS technology company headquartered in New York, NY. Socure develops digital identity verification, anti-fraud, and compliance software that helps businesses verify consumer identities, predict fraud risks, and meet regulatory mandates such as know your customer (KYC) requirements. [2]

Socure combines an artificial intelligence system, proprietary machine learning algorithms and social behavior pattern analysis to detect if an identity is authentic, a fraudster, or a bot.[3]

History[edit]

Socure was co-founded by Johnny Ayers (current CEO) and Sunil Madhu (former CSO) in 2012.[4] Socure ID+, the company's first software release and continued flagship product,[5][6] examined a variety of digital identity attributes using a patented social biometrics platform, structured and unstructured public data pulled from the Internet, social media networks, and web and mobile applications in order to determine identity authenticity.[7]

In 2014, Socure completed a $2.5m Series A funding round,[8] with another financing round in 2015, including funding from Caerus Ventures.[9]

In 2016, Socure joined the FIDO Alliance and became the first digital identity verification solution with a completed SOC 2 Type 1 report.[10] The company also announced a major upgrade to its digital identity verification solution, with expanded compliance coverage and global watchlist filtering to meet American and international regulations for interdicting known or suspected money launderers, terrorists, criminals, politically exposed, and other persons considered high risk.[11] In late 2016, Socure reported 300% growth, which triggered an additional funding round led by Flint Capital, with participation from ff Venture Capital, Santander Innoventures, and Two Sigma Ventures, among others.[12]

In 2017, Socure raised another $13.9M in a Series B round from Flint Capital, Work-Bench, and Two Sigma Ventures, with Commerce Ventures as the lead investor.[13]

In 2018, Socure appointed Tom Thimot as CEO, with founder Sunil Madhu transitioning to CSO.[14] The company also achieved compliance certifications for three ISO/IEC 27000 standards pertaining to the privacy, confidentiality, and security controls of Socure's ID+ solution. In addition, Socure announced Aida (Authentic Identity Agent), the first and only purpose-built bot for establishing trust in online transactions.[15]

In 2019, Socure raised $30M in Series C funding led by Scale Venture Partners, with Commerce Ventures, Flint Capital, Two Sigma Ventures, Synchrony, and Sorenson Capital also participating.[16] Co-founder, board member, and CSO at the time Sunil Madhu also announced his plans to pursue new ventures.[17] Following his exit, Socure added Rivka Gewirtz Little as Senior Vice President of Marketing and Strategy, with Garient Evans as Vice President of Growth.[18]

In 2020, Socure raised additional $35M in a Series C round of funding, with participation from existing investors as well as new strategic investor participation from Citi Ventures, Wells Fargo Strategic Capital, and MVB Financial Corp.[19] In August of 2020, co-founder and then-Chief Product Officer Johnny Ayers was appointed CEO, as Tom Thimot left to pursue new endeavors.[20]

In 2021, Socure released several new industry-specific updates and software solutions, as well as expanded their reach into online gaming operations.[21] As of Q2 of 2021, Socure had completed a Series D funding round to become an official start-up "unicorn" with a $100M investment round led by Accel and a strategic investment by Capital One Ventures, and a $1.3B valuation.[22] The company also announced a milestone of 500 customers in various sectors, including financial services, cryptocurrency, online gambling, healthcare, BNPL,[23] government, and telecommunications[24][25] and a third consecutive record quarter of annual recurring revenue growth, with 126% year-over-year recurring revenue growth in the second quarter.[26]

Products[edit]

As of 2021, Socure's product offerings consist of software solutions Sigma Identity Fraud, Sigma Synthetic Fraud, Intelligent KYC,[27] Predictive Doc V,[28] Global Watchlist, BNPL Growth Engine,[29] as well as the flagship product, Socure ID+. [30]

Awards[edit]

In 2017, Socure was named a Startup to Watch by CBInsights.[31]

In 2017, Socure was named to CBInsights list of AI 100.[32]

In 2018, Socure was named a Cloud 100 Rising Star by Forbes.[33]

In 2018, Socure won the Red Herring Top 100.[34]

In 2018, Socure was named an Innovator for Identity Proofing by International Data Corporation (IDC).

In 2020, Socure was named to the Deloitte Fast 500 list of fast-growing companies. [35]

In 2020, Socure was recognized as a Cool Vendor in AI for Banking and Investment Services report by Gartner, Inc.[36]

In 2020, Socure was named to Forbe's Top 25 Machine Learning Startups to Watch.[37]

In 2020, Socure was ranked the 70th Fastest-Growing Company in North America on Deloitte's 2020 Technology Fast 500.[38]

In 2021, Socure was recognized as an innovative solution in the categories "Newcomers" and "The Future of Payments" on the Fintech 50 list by Forbes.[39]

In 2021, Socure was named to the Forbes Cloud 100. [40]

In 2021, Socure's Sigma Synthetic Fraud solution won Aite-Novarica Group's Impact Innovation Award in the Risk Mitigation category.[41]

In 2021, Socure was named one of the world's most innovative AI solution providers on FinTech Global's inaugural ALFinTech100 list.[42]

See also[edit]

  • Identity Verification
  • Know Your Customer
  • Anti-Fraud
  • Identity Management
  • Unicorn
  • Anti-Money Laundering
  • Synthetic Fraud

References[edit]

  1. "Socure Q2 Update Offers Latest Sign of Biometric Onboarding Boom". MobileIDWorld.com. 10 August 2021. Retrieved 13 August 2021.
  2. "Software Company Socure Raises Funds at $1.3 Billion Valuation". Bloomberg. 16 March 2021. Retrieved 13 August 2021.
  3. FinSMEs (2014-10-28). "Socure Completes $2.5M Series A Funding". FinSMEs. Retrieved 2021-09-20.
  4. Socure. "Leading Digital Identity Verification Company in USA | Socure". www.socure.com. Retrieved 2021-09-20.
  5. Socure. "Real-Time & Predictive Analytics Platform | Socure ID+". www.socure.com. Retrieved 2021-09-20.
  6. Socure (2016-12-13). "Socure Closes $13M Funding to Further Innovate Digital Identity". GlobeNewswire News Room. Retrieved 2021-09-20.
  7. "Socure". Caerus Ventures. Retrieved 2021-09-20.
  8. FinSMEs (2014-10-28). "Socure Completes $2.5M Series A Funding". FinSMEs. Retrieved 2021-09-20.
  9. FinSMEs (2014-10-28). "Socure Completes $2.5M Series A Funding". FinSMEs. Retrieved 2021-09-20.
  10. FinSMEs (2014-10-28). "Socure Completes $2.5M Series A Funding". FinSMEs. Retrieved 2021-09-20.
  11. PYMNTS (2016-05-19). "Socure Expands Watchlist Compliance Coverage". www.pymnts.com. Retrieved 2021-09-20.
  12. Socure. "Socure Closes $13M Funding to Further Innovate Digital ID". www.socure.com. Retrieved 2021-09-20.
  13. "The AlleyWatch NYC Startup Daily Funding Report: 8/9/17". AlleyWatch. 2017-08-09. Retrieved 2021-09-20.
  14. "Socure appoints Tom Thimot as CEO". Finextra Research. 2018-04-25. Retrieved 2021-09-20.
  15. "Socure trains bot to sniff out fraudulent identities". Finextra Research. 2018-07-19. Retrieved 2021-09-20.
  16. Socure. "Socure Raises $30M in Additional Financing to Identify the Human Race". www.socure.com. Retrieved 2021-09-20.
  17. "Socure Announces Resignation of Sunil Madu". www.businesswire.com. 2019-03-06. Retrieved 2021-09-20.
  18. "Socure Appoints Industry Veterans to Senior Leadership Positions". www.businesswire.com. 2019-11-25. Retrieved 2021-09-20.
  19. Socure. "Socure Closes New Round of Funding, with Participation from Major Banks". www.socure.com. Retrieved 2021-09-20.
  20. "Socure Names Johnny Ayers as New CEO". www.businesswire.com. 2020-11-17. Retrieved 2021-09-20.
  21. "Socure to Power Responsible Growth for Online Gaming Operators in Eleven U.S. States with Intelligent KYC". www.businesswire.com. 2021-01-15. Retrieved 2021-09-20.
  22. "Digital ID firm Socure raises $100m". Finextra Research. 2021-03-17. Retrieved 2021-09-20.
  23. Bignell, Francis (2021-07-21). "As BNPL Grows, Socure Becomes the First ID Verification Solution for Alternative Payment Providers". The Fintech Times. Retrieved 2021-09-20.
  24. "Socure raises $100M at $1.3B valuation, proving identity verification is hotter than ever". TechCrunch. 16 March 2021. Retrieved 12 August 2021.
  25. "Selfie Onboarding Boom Delivers Record Growth for Socure". FindBiometrics. 10 August 2021. Retrieved 13 August 2021.
  26. Socure. "Socure Announces Third Consecutive Record Quarter of Annual Recurring Revenue Growth as Demand Accelerates for Its Industry-leading Digital Identity Verification and Fraud Solutions". www.socure.com. Retrieved 2021-09-20.
  27. "Socure Expands Reach With New KYC Capability". Crowdfund Insider. 2021-08-03. Retrieved 2021-09-20.
  28. "Socure Announces Industry-First Predictive Document and Identity Verification Solution with Unparalleled Precision and Multi-Dimensional Risk Insights". www.businesswire.com. 2021-09-16. Retrieved 2021-09-20.
  29. "Socure Unveils Industry's First BNPL-Specific Solution". Fintech Finance. 2021-08-10. Retrieved 2021-09-20.
  30. "Socure launches new fraud prevention tools". thepaypers.com. Retrieved 2021-09-20.
  31. "Nine Multi-Factor Authentication Cybersecurity Startups To Watch In 2017". CB Insights Research. 2017-02-20. Retrieved 2021-09-20.
  32. Socure. "Socure among Top AI Companies in the world by CB Insights". www.socure.com. Retrieved 2021-09-20.
  33. "Socure Named a Forbes Cloud 100 Rising Star for 2018". www.businesswire.com. 2018-09-17. Retrieved 2021-09-20.
  34. "Socure Wins 2018 Red Herring Top 100 North America Award". www.businesswire.com. 2018-07-11. Retrieved 2021-09-20.
  35. "Deloitte's Technology Fast 500 North America 2020". 17 November 2020. Retrieved 13 August 2021.
  36. "Socure Recognized as a Gartner Cool Vendor in AI for Banking and Investment Services". www.businesswire.com. 2020-05-12. Retrieved 2021-09-20.
  37. Columbus, Louis. "Top 25 Machine Learning Startups To Watch In 2020". Forbes. Retrieved 2021-09-20.
  38. "Socure Ranked Number 70 Fastest-Growing Company in North America on Deloitte's 2020 Technology Fast 500™". www.businesswire.com. 2020-11-19. Retrieved 2021-09-20.
  39. "The Most Innovative Fintech Companies in 2021". Forbes. 8 June 2021. Retrieved 11 August 2021.
  40. "The Cloud 100: Forbes' Definitive Ranking Of The Best, Brightest, Most Valuable Private Companies In The Cloud". Forbes. 10 August 2021. Retrieved 12 August 2021.
  41. "Socure Named to Inaugural AIFinTech100 List and Wins Aite-Novarica Group's Impact Innovation Award". Fintech Finance. 2021-09-09. Retrieved 2021-09-20.
  42. "Socure Named to Inaugural AIFinTech100 List and Wins Aite-Novarica Group's Impact Innovation Award". Fintech Finance. 2021-09-09. Retrieved 2021-09-20.

External links[edit]


This article "Socure" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Socure. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.