Socure Closes New Round of Funding, with Participation from Major Banks
Summary
“We are grateful to have had significant investor interest despite the current economic environment, and are proud to have taken less money than was on the table,” said Tom Thimot, CEO of Socure. “As we continue to build on our position as the leader in Day Zero identity, we are prioritizing investment in new verticals, talent, products and capabilities.” “Advanced identity screening solutions have become essential for financial institutions to effectively prevent fraud as cyber criminals are becoming increasingly sophisticated,” explained Travis Skelly, Director, Venture Investing at Citi Ventures. “Socure has established itself as a market leader in the identity verification space and Citi Ventures is excited to support their ongoing growth story.” “The current climate is accelerating a shift to digital channels, further emphasizing the need for reimagined identity verification to better combat evolving patterns of fraud,” said Basil Darwish, Managing Director with Wells Fargo Strategic Capital. It also reduces fraud for online new account openings by up to 95% with false positives of better than 1:1, and cuts manual review rates by as much as 90%. Wells Fargo Strategic Capital has approximately 50 team members across the United States and holds over 180 portfolio investments.
Funding
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