Selfie Onboarding Boom Delivers Record Growth for Socure

Socure has become the latest startup to illustrate the massive uptick in interest in selfie-based onboarding technology, announcing impressive results in a quarterly update.

The privately held company says that its recurring revenues saw 126 percent year-over-year growth in the latest quarter, marking its third consecutive quarter of record growth. Socure is also reporting a net retention rate of 177 percent, with “near-zero attrition”, and indicated in a statement announcing the results that its bookings have gone up dramatically.

“High demand drove the impressive results with bookings accelerating nearly 220% compared to the first half of last year, marking the third consecutive quarter of accelerating growth,” the company asserted.

Socure attributed much of its success to Socure ID+, its selfie-based biometric onboarding solution. Socure ID+ leverages both facial recognition and document reading to biometrically match the end user to their official ID, enabling reliable remote identity verification.

It’s an approach to identity verification that has grown exceptionally popular in recent years, with a number of selfie onboarding specialists having recently reported large revenue increases on the basis of their rival solutions. For its part, Socure asserted that its Socure ID+ solution “has emerged as the preferred identity verification platform for the largest enterprises”, adding that four of the five largest banks and seven of the 10 largest credit card issuers are among its clients.

The company went on to note that it now has more than 500 enterprise customers and has been seeing “massive inbound interest” from companies across a range of sectors, including financial services, crypto, online betting, healthcare, telecommunications, and the public sector.

“We’re on the fastest growth trajectory Socure has ever seen and attribute that to our differentiation in the market by being able to more accurately and instantly verify the hardest-to-identify segments of the population, specifically Gen Z, millennials, thin-file, credit invisible, and new-to-country at incredible scale,” explained Socure CEO Johnny Ayers.

The update arrives on the heels of Socure’s launch of new KYC tools aimed at the younger demographics highlighted by Ayers; and shortly after the company’s launch of an identity verification solution designed to fight Buy Now, Pay Later fraud. Socure also recently received a major strategic investment from Capital One Ventures, which helped to push the startup’s valuation to a whopping $1.3 billion.

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August 10, 2021 – by Alex Perala