March 4, 2019

Socure raises USD 30 million to combat identity fraud in the cloud

The investment aims to put enterprises at ease by leveraging their machine learning as well as identity verification prowess.

Cloud-based identity fraud provider Socure have raised USD 30 million in a Series C round of funding. With this investment, Socure will be focusing their efforts towards expanding across various regions with sales and marketing activities.

Socure say that traditional approaches to digital identification and verification are unreliable, slow and create unnecessary friction for users. They say that these issues continue to hold enterprises back because the change of security-based infrastructure is tedious and time-consuming.

By leveraging its machine learning and predictive analytics capabilities, Socure claim that they are enabling customers with manual review systems to mitigate fraud. They say that their ID verification suite, that is built to authenticate people from thousands of emails, addresses and IP data points, tabulates a trust score to provide a detailed explanation.

According to Socure, the Series C round which was led by Scale Venture Partners and Commerce Ventures will help them expand across the U.S. as well as global markets. They further added that this investment will take its valuation above USD 100 million within three years.

Market analysts opine that this investment will probably benefit enterprises that are looking to secure their employee identities the most. It will be interesting to see how Socure takes this investment ahead, following vArmour’s USD 44 million Series E funding.