Santander InnoVentures, the fintech investment subsidiary of financial services firm Santander, has invested an undisclosed sum in US-based digital identity verification startup Socure.
Socure’s technology analyses an online consumer’s digital footprint to verify their identity in real time. The software is used by the banking industry when approving new bank accounts or issuing cards, but is also suitable for making sure fraud prevention and compliance regulations are met.
Mariano Belinky, managing partner of Santander InnoVentures, said: “Identity verification is a crucial step in any banking process and is an issue challenging many consumer-facing businesses – there is a huge opportunity for innovation in this space, in line with the evolution of digital identity and the issues around it, and we believe Socure are at the forefront of it.”
Socure had previously raised $4.7m in equity funding and $3.5m in debt from backers including Founder Collective, Two Sigma Ventures and FF Venture Capital, according to press reports and securities filings.