Socure

Socure offers an automated machine learning and predictive analytics platform for enterprises to identify and prevent fraud. It offers a modular design and multiple products including anti-money laundering (AML) capabilities, through a single API. The platform primarily caters to industries that face a risk from “thin-file” clients, such as e-commerce firms, retailers, and lenders. The company has three offices in the US and one in Chennai, India.

Socure uses a range of information sources to authenticate people including email, phone, address, social media, etc. from over 310 sources, and in August 2020 reported that its platform reduced fraud rates by about 80% and manual review costs by around 90%. The company acquired Berbix , a platform that verifies identities by scanning IDs in real-time, in June 2023, and integrated Berbix in version 3.0 of its Predictive Document Verification service (DocV 3.0).

Moreover, in July 2021, Socure launched what it claims to be the first identity verification and fraud solution built specifically for the Buy Now, Pay Later (BNPL) industry. The solution is built on the Socure ID+ platform and leverages deep identity and transaction data used by more than 100 BNPL providers, alternative payment providers, fintechs, banks, and credit card issuers.

Key customers and partnerships

Socure’s customer base has grown to around 1,800 enterprises as of July 2023 across several industries, including financial services, government, gaming, healthcare, and telecom, among others. Socure noted that its platform was used by four of the top five banks, 13 of the top 15 card issuers, and over 250 FinTechs, as of March 2023.

Socure partnered with digital lending platform MeridianLink in July 2023. The solution combined Socure ID+ with MeridianLink One to help Meridian's customers, including credit unions, banks, and FinTechs, verify identities to onboard clients.

Funding and financials

Socure received a USD 95 million three-year credit facility from J.P. Morgan, Silicon Valley Bank, and KeyBanc Capital Markets, in March 2023. The funds were earmarked to strengthen the company’s financial position and for potential future acquisitions.