Socure

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. 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.

Socure was co-founded by Johnny Ayers (current CEO) and Sunil Madhu (former CSO) in 2012. Socure ID+, the company's first software release and continued flagship product, 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.

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

In 2016, Socure joined the FIDO Alliance and became the first digital identity verification solution with a completed SOC 2 Type 1 report. 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. 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.

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.

In 2018, Socure appointed Tom Thimot as CEO, with founder Sunil Madhu transitioning to CSO. 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.

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. Co-founder, board member, and CSO at the time Sunil Madhu also announced his plans to pursue new ventures. Following his exit, Socure added Rivka Gewirtz Little as Senior Vice President of Marketing and Strategy, with Garient Evans as Vice President of Growth.

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. In August of 2020, co-founder and then-Chief Product Officer Johnny Ayers was appointed CEO, as Tom Thimot left to pursue new endeavors.

In 2021, Socure released several new industry-specific updates and software solutions, as well as expanded their reach into online gaming operations. 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. The company also announced a milestone of 500 customers in various sectors, including financial services, cryptocurrency, online gambling, healthcare, BNPL, government, and telecommunications and a third consecutive record quarter of annual recurring revenue growth, with 126% year-over-year recurring revenue growth in the second quarter.

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

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

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

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

In 2018, Socure won the Red Herring Top 100.

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.

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

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

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

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.

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

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

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