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Socure Raises $13.9M Funding to Fuel Its Beyond-Human Digital Identity Verification BusinessNEW YORK, Aug. 9, 2017 /PRNewswire/ -- Socure, a leading provider of digital identity verification predictive analytics technology, announced today that it has closed a $13.9 million Series B round of funding led by Commerce Ventures, with participation from Flint Capital, Work-Bench, Santander InnoVentures and Two Sigma Ventures, among others. The company recently announced a Series A-1 funding round in early December 2016 bringing total funding to date to $27.5 million. This round will enable Socure to scale sales and support operations, build out its infrastructure and drive market expansion. Socure's innovative machine learning solutions are quickly replacing people and legacy systems at major financial services and ecommerce institutions. With customers including a top 5 US bank, a top 5 global money transfer provider, a top 10 US card issuer and many of the leading digital banks, lenders and insurers, Socure continues to reimagine digital identity verification, leveraging its artificial intelligence and machine-learning techniques. Digital commerce is now a market mandate, forcing companies to be able to identify, acquire, and trust new digital customers or risk limiting revenue growth. "In an increasingly digital world, establishing identity is critical to the success of the next-generation financial services and commerce eco-systems," said Dan Rosen, Partner of Commerce Ventures. "Socure has become a leader in digital identity verification by applying state of the art machine learning technologies to 300-plus identity-relevant data sources. We are very excited to join Socure as they continue their growth and expand into new markets." Security and fraud prevention continue to remain key issues in the financial services industry. In an age where breaches are not uncommon, the more traditional approaches to digital identity verification are not helping the market meet growth goals. Socure's technology has demonstrated market leadership boasting the most experience and understanding within this burgeoning segment. Leading companies rely on Socure's highly accurate technology to accept more new customers while dramatically reducing fraud. "Socure continues to prove they are the next generation solution for digital identity verification and fraud prevention," said Mariano Belinky, Managing Partner at Santander InnoVentures said, "At Santander, we make investments where we spot an opportunity that can add value to banking customers. Identity verification is a crucial step in any banking process and Socure is at the forefront of innovation in this space." Belinky added, "There is enormous potential for tackling the issue of financial inclusion, with the help of Socure, where citizens may be excluded from the banking system simply because they lack traditional credit records used for identity verification. We're delighted to support Socure's Series B round and look forward to what is to come." "Socure's market success illustrates an increasing appetite for machine learning based identity verification solutions to meet the demands of today's digital businesses and demanding digital consumers," said Sunil Madhu, CEO and Co-Founder of Socure. "The funding will help us meet the increasing demand by accelerating market penetration in current and new markets, while maintaining our leadership position in the digital identity verification market." Socure will be announcing its latest platform in addition to a new partnership at the upcoming Finovate Fall conference in early September. About Socure About Commerce Ventures About Flint Capital About Santander InnoVentures About Two Sigma Ventures Tweet Text: Digital Identity Verification Co. @SocureMe adds $13.9M in funding to fuel market expansion: Media Contact: North 6th Agency, Inc. View original content:http://www.prnewswire.com/news-releases/socure-raises-139m-funding-to-fuel-its-beyond-human-digital-identity-verification-business-300501825.html SOURCE Socure |