Healthy The $ 450M round was the highest in the $ 4.5B rating from several of the world’s best growth equities and public market investors.

Seven months after the $ 1.3B Series D, the company gained more than 500% of its year-over-year registration growth and close to $ 1B in investment demand, earning $ 4.5B after seven months. Verification location.

Round by T. Rowe Price Associates, Inc. is part of Axel’s e-commerce series with advice funds and accounts. It also includes the participation of two new investors, Bain Capital Ventures and Tiger Global, as well as existing investors Commerce Ventures. Scale Venture Partners, and Sorenson Ventures.

In a digital consumer journey, Socrates will accelerate its investment in product innovation to address identity challenges, address new markets, including the public sector, and attract and retain the best production, data science and engineering teams in the world. .

The capital, Socrates, will increase customer engagement information and a fully automated ID + platform, not only to prevent third-party and man-made fraud, but also to address the risk of payment and third-party fraud and provide world-class self-service. Analytical skills.

Socure ID + has become the preferred identity and fraud platform for enterprises of all sizes, with four of the five largest banks, seven of the 10 largest credit card issuers, BNPL providers now, trusted by senior investment management. Companies, top crypto exchanges, and most of them are high-end Fintech.

The company is accelerating its market leadership in telecom, gaming, e-commerce markets and the public sector. Socure customers have become investors in the company, including City Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyeger and Syncroni. Other Markie customers include Chime, Sophie, Vero Money, Public, Stash and DraftKings.

With more than a year-over-year increase of 500% in registration, 221% year-over-year, Sokure has emerged as the clear leader in all industries, providing the most credible identification and fraud platform in all industries. And five consecutive quarterly annual growth records.

Over the past quarter, Socure has achieved a net retention rate of 179%, with Sokure making it a full anti-fraud, tool, KYC, AML and document verification platform, with its customers deploying more and more Socure products in different segments.

Many businesses and government agencies are scrambling to decentralize, but identity theft continues to wreak havoc. In the private sector, Jevlin Strategy and Research by 2020, the loss of identity in the United States is estimated at $ 56 billion. In the public sector, the loss of identity alone by fraud by 2020 has reached a total of $ 400 billion.

In the race to digitalis, enterprises need to accelerate their growth with new customers in order to remain competitive. Unscrupulous, especially young, 18-25 year olds and immigrants, including a group of more than 45 million Americans who are difficult to identify.

Because of Socure’s KYC’s unparalleled accuracy and inclusiveness, if used exclusively throughout the country’s financial services industry, soccer technology could double the number of automated verifications per year in the US compared to heritage solutions for this population. .

Highlights of Socrates Technology Leadership

  • Socrates has developed the most comprehensive identity graph in the industry, with more than eight billion records and more than 700 million identities, good and bad identities, to achieve the most accurate identification.
  • The Sokre Sigma Identity Fraud Solution provides the most accurate identity fraud model using more than 17,000 features — user name, email, phone, address, IP, DOB, SSN, device, speed, network information, and real-time collaborative feedback Data – all in one product. It also increases the cost of automatic approval by up to 60% due to the accuracy of the industry leader’s classification, and reduces fraud by 90% to the most dangerous 3%, solving fraud and revenue generation for the only product on the market.
  • Societal Forecast Document Verification Solution uses industry-leading patent-pending machine learning classification models that use inputs from computer vision algorithms;
  • Socure’s proprietary KYC solution provides industry-leading auto-approval rates of up to 98% for the general public, and up to 94% for those who are difficult to identify, such as Gen Z, millennial, credit invisible, thin file, gender neutral, and new-to-country. .

“As a market leader, when you get your seat at the table, you go from being a strategic partner to one of the best companies in the world, from attacking and replacing existing ones. With this additional capital, we will significantly increase the speed and strength of business to solve complex customer and social problems by maintaining our day-to-day thinking and attracting the best in the market, data science and engineering. Incredibly talented team.

“We focus on our laser mission to ensure 100% good identities and avoid online fraud,” said Johnny Iris, founder and CEO.

“Every team that builds digital products will face user and security challenges. The Socure API has quickly become the basis for these groups.

“With a unique technology and a strong leadership team, Socure has been well established for a long time as a leader in the prevention of identity theft and fraud on the Internet. We are pleased to express our confidence. ”Andrew Davis, Director of Private Investment, T. Rowe Price Associates, Inc.

“Socure has emerged as a clear leader in online identity verification. Although Socure started vertically in financial services, it does not end there; “We are confident that this is an important choice in this increasingly important market,” said Merit Hummer, partner at Bay Capital Venture.

“Socrates’ proprietary approach to AI and ML dramatically improves financial inclusion, democratizes access to services and benefits, and eliminates unfair, discriminatory conflicts. For companies in many online industries, the company leads the market by significantly reducing fraud and customer misconduct in one platform.