Socure has issued a corporate update about its performance in 2021, contributing the latest illustration of the booming demand for selfie-based identity verification.
The company is reporting a 159 percent increase in bookings year-over-year and tripled its customer count, which now amounts to 1,000 organizations including four of the five largest banks, major crypto exchanges, and over 250 FinTech firms, among others. Socure explained in its update that its solution has proven impressive to prospective customers when they actually see it in action, asserting that 95 percent of its new business had reached a testing phase on the part of the client.
Socure’s graph-based identity verification and fraud platform combines advanced machine learning and AI, the analysis of various identity data, and biometric matching technology to deliver a robust solution for identity verification and proofing, Know Your Customer (KYC) compliance, and anti-fraud security.
The platform was supplemented with additional risk scoring capabilities via a Predictive Document Verification feature announced last year.
Socure’s platform has impressed not only clients, but investors. In November, the company closed a funding round that brought its valuation to $4.5 billion; and its backers include big names like Accel, T. Rowe Price Inc., Bain Capital Ventures, and Tiger Global, among others.
Commenting on the company’s success, Accel partner John Locke said that Socure has distinguished itself amid the “dramatic growth” of the identity verification market. “With dozens of companies providing point products and vying for a piece of the market, Socure has emerged as the clear and undisputed leader with a comprehensive, AI-driven platform trusted by the largest enterprises,” he said.
Socure CEO Johnny Ayers, for his part, highlighted the company’s technology and its performance, gesturing to its capability of verifying individuals even when they belong to hard-to-identify cohorts such as Gen Z and Millennials, and recent immigrants. “In every data study, Socure consistently outperforms disparate point solution stacks, as well as individual legacy providers because we’re able to equitably verify the largest number of good consumers with the highest degree of fraud classification accuracy in the industry,” Ayers said.
February 14, 2022 – by Alex Perala
[CORRECTION 02/23/22: A previous version of this article incorrectly listed Socure’s valuation at $1.5 billion. The error has been corrected, and language describing Socure’s platform has been updated to more accurately detail its onboarding and authentication mechanisms.]