• Socure, an identity verification and fraud prevention solution provider, has raised USD 450 million in Series E funding co-led by Accel and T. Rowe Price, with participation from Bain Capital, Tiger Global, Commerce Ventures, Scale Venture Partners, and Sorenson Ventures.

• This round values the company at USD 4.5 billion, more than triple the USD 1.3 billion sticker price in March 2021, and brings its total funding to USD 646 million. Socure claims it is the highest valued private company in the identity verification market.

• The company intends to invest the funds in further developing its proofing and authentication processes, as well as in recruitment across its product development, data science, and engineering teams.

• Socure’s customer base has grown to around 1,000 enterprises across several industries today, from about 350 customers, mainly in the financial services industry in March.

• The company also confirmed that it is considering going public, and plans to come-to-market in the “not too distant future”.

<ul><li> Analyst QuickTake: Socure has raised over USD 550 million in funding in 2021 thus far, with today’s round being the third. In July, the company received an undisclosed strategic investment from Capital One, and in March, Socure raised USD 100 million in Series D funding led by Accel. Moreover, Alloy, another FinTech platform to embed identity and fraud compliance, also raised USD 100 million in Series C funding at a USD 1.35 billion valuation, a little over a month ago.</ul>