ID Verification Provider Socure Raises $450 Million in Series E Funding Round

Socure, a leading digital identity verification and fraud solutions provider, recently announced that it has secured $450 million in its latest funding round at a $4.5 billion valuation.

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According to the press release, the round is led by Accel and T. Rowe Price Associates, with participation from new investors Bain Capital Ventures and Tiger Global, and existing investors Commerce Ventures, Scale Venture Partners, and Sorenson Ventures.

With the new fund, Socure will substantially accelerate its investments in product innovation to address identity verification challenges across the entire digital consumer journey, penetrate new markets including the public sector, as well as continue to attract and retain the best product, data science, and engineering teams in the world.

The capital will also allow Socure to maximize the scale and intelligence of its customer consortium data and fully-automated ID+ platform to not only prevent third party and synthetic fraud, but also address payment and first party fraud risk while enabling world-class self-service analytics capabilities.

“With this additional capital, we will substantially increase our level of commercial velocity and intensity in solving complex customer and societal problems, while maintaining our Day 0 founder’s mentality and continuing to attract the market’s best product, data science, and engineering minds to join our already incredibly talented team,”said Johnny Ayers, Founder and CEO, Socure.

“We will remain laser focused on our mission to verify 100% of good identities and eliminate fraud on the Internet while holding ourselves to the highest quality standards and cementing Socure as the top performing company in the industry,”Ayers added.