Socure Achieves 376% Revenue Growth from 2019-2022, Appoints Seasoned Technology Leader as CFO
Former Forter, Rackspace and Amazon executive Aaron Barfoot brings IPO experience to help scale identity verification leader now working with more than 1,800 companies globally
INCLINE VILLAGE, Nev., Sept. 21, 2023 /PRNewswire/ -- Socure, the leading provider of digital identity verification and fraud solutions, has achieved 376% revenue growth from 2019 to 2022 and appointed seasoned technology leader Aaron Barfoot as the company's new Chief Financial Officer to help drive Socure's next phase of hypergrowth. Barfoot brings over 20 years of experience driving growth and building high-performance finance teams in the B2B technology industry, including experience taking high-growth software companies into public markets. He will lead Socure's finance, legal, people and operations teams and serve as a strategic partner to Socure founder and CEO Johnny Ayers as Socure continues to achieve its goal of being the world's most accurate and inclusive identity verification and risk prevention provider.
Barfoot joins Socure as the company continues on its path toward strong, profitable growth. Today, Socure services over 1,800 companies, including four of five of the largest banks, 13 of 15 leading card issuers and more than 400 of the largest fintechs, online gaming operators, government agencies, eCommerce marketplaces and enterprises across all consumer industries. Recent highlights include:
Prior to joining Socure, Barfoot spent four years in the e-commerce fraud sector as CFO at Forter, where the company grew 4x during his tenure. His background includes a broad range of high growth companies, ranging from startups generating $3 million in revenue to public corporations worth $300 billion. As Vice President of Finance at Rackspace, one of the original cloud computing solution providers, Barfoot guided the company's transformation from a private company with $180M in revenue to a $2.2B public entity, playing a pivotal role in the IPO process. He has also held senior leadership positions at several market-leading enterprises, including Amazon – where he spearheaded several mergers & acquisitions for AWS – and CFO at both Anaconda, Inc. and ClearDATA.
"Online identity verification has become more critical than ever as consumers have taken the most essential facets of their personal and work lives online. From shopping on e-commerce sites to conducting virtual doctor visits and applying for home mortgages, fast and accurate identity verification is a core component of unlocking trusted transactions. Yet businesses and government agencies too often still rely on legacy identity verification methods, like checking Social Security numbers and credit histories to confirm people are who they claim to be," said Barfoot. "With fraudsters becoming more sophisticated, Socure's generative AI innovations are uniquely positioned to lead the next era of identity verification. I look forward to working with Johnny and the rest of the team to ensure we can meet the size of the opportunity for the long term."
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