Socure, an identity verification and fraud prevention infrastructure provider, has acquired Berbix, a platform that verifies identities by scanning IDs in real-time, for USD 70 million in cash and stock, marking its first acquisition.

Socure has already integrated Berbix in version 3.0 of its Predictive Document Verification service (DocV 3.0). The service combines Socure’s image capture app and Berbix’s forensics engine to spot fake IDs. 

While users can use the document verification service as a standalone product, it can also be integrated with Socure’s integrated identity platform, which also includes email risk, AML, account verification, and KYC solutions, among others. 

Meanwhile, Berbix’s CEO and co-founder, Eric Levine, will take up the role of senior VP and head of DocV product management at Socure. 

Analyst QuickTake: Earlier this year, Socure received a USD 95 million three-year credit facility, which it partially earmarked for potential acquisitions. Moreover, the FinTech space has seen a period of consolidation in recent times. Recent acquisitions include Bankable acquiring Arex Markets , FIS acquiring Bond , Embedded Finance Ltd acquiring Railsr , Marqeta acquiring Power Finance , and Zuora acquiring Zephr.