US-based identity verification technology developer Socure completed a $13.9m series B round yesterday that included financial services firm Santander’s strategic investment arm, Santander InnoVentures.
The round was led by venture capital firm Commerce Ventures and also featured VC funds Flint Capital and Work-Bench as well as Two Sigma Ventures, the VC arm of hedge fund Two Sigma Investments. It took Socure’s total equity funding to $27.5m, the company said.
Socure has built a predictive analytics platform that combines artificial intelligence and machine learning technology with online and offline information from sources such as a user’s email, phone, address and social media accounts to verify their identity.
The capital will be used to grow Socure’s sales and support resources as it looks to expand its business infrastructure and expand in new and existing markets.
Santander InnoVentures managing partner Mariano Belinky said, “At Santander, we make investments where we spot an opportunity that can add value to banking customers. Identity verification is a crucial step in any banking process and Socure is at the forefront of innovation in this space.
“There is enormous potential for tackling the issue of financial inclusion, with the help of Socure, where citizens may be excluded from the banking system simply because they lack traditional credit records used for identity verification.”
Socure had previously closed a $13m series A-1 round in December 2016 led by Flint Capital and backed by Santander InnoVentures, FF Venture Capital and Two Sigma Ventures.