Capital One Ventures has made a strategic investment in Socure. The funds will supplement the $100 million that Socure brought in during a Series D funding round in March, and the $35 million that it collected in August. The company did not disclose the size of Capital One’s investment, though Socure’s total valuation now sits at $1.3 billion ahead of a potential IPO.
For its part, Socure plans to use the funds to expand its workforce, and to extend its reach in a number of different verticals. The company is best known for its automated ID+ onboarding solution, which uses face and document recognition to compare a selfie to a photo ID. The platform also cross-references that information with other data sources to evaluate the level of risk associated with each device and each individual.
In doing so, Socure is able to minimize the number of onboarding requests that require a manual review. The company’s solution is able to deliver a fully automated decision in 98 percent of cases, while still guarding against fraud. The technology has proven to be particularly popular in the gaming industry, and is available to gaming operators in 11 states as of January. However, ID+ can ultimately be deployed in virtually any sector, including finance, healthcare, e-commerce, and telecommunications.
“Socure’s exceptional performance in fraud classification and identity coverage not only demonstrates the accuracy of their platform but underscores how they are bringing more eligible consumers into the digital services ecosystem as the company rapidly expands into new verticals outside of financial services,” said Capital One Ventures Partner Aman Sharma.
In addition to making a strategic investment, Capital One revealed that it is a Socure customer and is using the company’s technology to onboard its own users. DraftKings announced that it would be onboarding players with ID+ back in April.
June 8, 2021 – by Eric Weiss