‘Social biometrics’ and digital identity firm Socure has closed a $13 million round of funding led by Flint Capital, with participation from ff Venture Capital, Santander InnoVentures and Two Sigma Ventures, as well as other investors.
In a press statement, Socure said it will use the capital to scale operations, accommodating the 300 percent growth it has seen in 2016. Socure said the funds will enable the company to accelerate innovation in its digital identity verification platform.
“Socure has rapidly developed a leadership position in the large and fast-growing space of digital identity and biometrics,” said Sergey Gribov, partner at Flint Capital, in the press release. “The company supplements market deficiencies in which current identity verification solutions fall short, including millennials, who largely avoid the use of credit, or abroad, where credit systems don’t exist at all.”
Socure said that it patented platform and ID+ solution has been proven to increase fraud capture by up to 80 percent, noting it also provides KYC and AML compliance.
“Security, compliance and fraud prevention are key issues for investors, consumers, regulators and employees in the financial services industry,” said Sunil Madhu, CEO and cofounder of Socure. “As a year when major breaches were headline news draws to a close, we are thrilled to be able to provide them with a technologically advanced and proven solution.”
Meanwhile, Brandon Krieg, CEO and cofounder at Stash, in the same press release said that Socure is a “key element” in the company’s identity verification stack. “We have reduced the friction in the new account opening process and are able to perform the required Know-Your-Customer (KYC) and Anti-Money Laundering (AML) compliance checks quickly and easily with ID+ from Socure,” he said.