US-based identity verification software provider Socure closed a $100m series D round on Tuesday that featured financial services firms Synchrony Financial, Citi and Wells Fargo.
Venture capital firm Accel led the round, which included hedge fund Two Sigma Investments’ VC arm, Two Sigma Ventures, as well as Commerce Ventures, Scale Venture Partners, Sorenson Capital and Flint Capital.
Citi and Wells Fargo invested in through their respective corporate VC units, Citi Ventures and Wells Fargo Strategic Capital, and the round valud Socure at $1.3bn, according to TechCrunch.
Socure has developed a predictive analytics platform that uses artificial intelligence technology and machine learning to analyse data such as email addresses, phone numbers and IP addresses to confirm the identities of users in real time.
The company’s customer base is mainly made up of businesses in the financial services sector. The capital will support product innovation along with its expansion into consumer-related areas like healthcare, online gaming and on-demand services.
Johnny Ayers, Socure’s co-founder and chief executive, said: “We are now more confident than ever that we will be the first company to eliminate identity fraud while unlocking complete and fully-automated coverage of every good ID.”
Socure said it has received $196m of funding to date, including $35m from a Sorenson Ventures-led round in August 2020 featuring Citi Ventures, Wells Fargo Strategic Capital, financial services holding company MVB Financial, Commerce Ventures, Scale Venture Partners and Flint Capital.
The company raised $30m in an early 2019 series C round led by Scale Venture Partners, which invested alongside Synchrony Financial, Commerce Ventures, Flint Capital, Sorenson Capital and Two Sigma Ventures.
Santander InnoVentures, the venture capital arm of financial services firm Santander that has since been spun off as Mouro Capital, participated in a $13.9m series B round for Socure in 2017 that was led by Commerce Ventures and which included Work-Bench, Two-Sigma Ventures and Flint Capital.
Socure had already secured $13m in a series 2016 A-1 round that was led by Flint Capital and backed by Santander InnoVentures, FF Venture Capital, Flint Capital and Two-Sigma Ventures.