US-based digital identity verification platform Socure closed a $13m funding round on Tuesday that featured Santander InnoVentures, the fintech investment arm of financial services firm Santander.
Venture capital fund Flint Capital led the round, which also featured Two Sigma Ventures, the VC arm of hedge fund Two Sigma Investments, VC firm FF Venture Capital and unnamed additional investors. Santander InnoVentures made its commitment to the round in June this year.
Socure’s cloud-based platform analyses a consumer’s digital footprint to verify their identity in real time. The technology is aimed at the financial sector, where it can be used to approve new banks accounts, issue cards, prevent fraud and comply with regulations.
The capital will go towards scaling Socure’s operations. The company previously received $4.7m in funding and $3.5m in debt financing from Founder Collective, Two Sigma Ventures and FF Venture Capital, according to regulatory filings and press reports.
Sunil Madhu, chief executive and co-founder of Socure, said: “Security, compliance and fraud prevention are key issues for investors, consumers, regulators and employees in the financial services industry.
“As a year when major breaches were headline news draws to a close, we are thrilled to be able to provide them with a technologically advanced and proven solution.”