US-based identity verification technology developer Socure reeled in $30m yesterday in a series C round that included consumer finance company Synchrony Financial.
The round was led by Scale Venture Partners and included commitments from fellow venture capital firm Commerce Ventures, VC fund Flint Capital, investment firm Sorenson Capital and Two Sigma Ventures, the VC arm of hedge fund Two Sigma Investments.
Founded in 2012, Socure has developed a platform that verifies a user’s identity by applying artificial intelligence and machine learning technology to data sourced from their email, phone, IP address and social media accounts.
The company’s clients include banks, card issuers, remittance providers, lenders, insurers and an online retailer.
The cash will used to expand its footprint in additional industries such as healthcare and the public sector, as well as to hire staff and bolster its predictive analytics platform. Rory O’Driscoll, partner at Scale Venture Partners, will join the board of directors.
The round brings the company’s overall funding to $57.6m, following a $13.9m series B round Socure raised in 2017. Commerce Ventures led that round, investing alongside Santander InnoVentures, the strategic investment arm of financial services firm Santander, as well Work-Bench and Two Sigma Ventures.
Flint Capital also took part in the series B having previously led a $13m series A-1 round in 2016, which was also backed by Santander InnoVentures, FF Venture Capital and Two Sigma Ventures.