Socure Announces Third Quarter Bookings and Customer Growth Breakthrough as it Extends Leadership in Identity Verification and Fraud Prevention


NEW YORK–(COMMERCIAL THREAD) –Safe, the leading provider of digital identity verification and fraud solutions, today announced the results of another record quarter reflecting the accelerated adoption of its industry-leading digital identity verification and fraud platform. Socure saw 500% year-over-year growth in bookings in the third quarter of 2021, achieving the fifth consecutive quarter of record dollar growth in year-over-year revenue. Strong demand for the most accurate and comprehensive identity and fraud verification platform has resulted in a record number of new customers, marking an increase of 221% from Q3 2020.

Socure ID + has established itself as the preferred identity and fraud verification platform for businesses of all sizes and is trusted by 4 of the 5 largest banks, 7 of the 10 largest credit card issuers, the best Buy Now providers, Pay Later (BNPL), top crypto exchanges, major e-commerce marketplaces, telehealth providers and the largest online gaming operators. Socure’s clients have also become investors in the company, including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyager and Synchrony. Other big name clients include Chime, Varo Money, Public, Stash, and DraftKings.

Socure achieved a net retention rate of 179% thanks to near-zero attrition and its corporate clients increasingly deploying multiple Socure products across various divisions, making Socure their complete platform of KYC, document verification, AML and fraud prevention.

Socure leads the market in dramatically reducing fraud and customer friction on a single platform for businesses across multiple industries online. Socure’s patented data ingestion and cleansing technology is paired with unsupervised ML clustering capabilities, enabling the company to analyze unmatched breadth and depth of data that goes beyond business-as-usual. ‘industry. The Identity Resolution Engine analyzes over 8 billion records and over 530 million good and bad identities to get the most accurate view of identity possible.

“Because of the focus on coverage and accuracy to make every solution in our best-in-class identity and fraud verification platform, we enable our customers to automatically approve more vouchers.” customers than they could before, while reducing friction and fraud – generating a huge return on investment, ”said Johnny ayers, founder and CEO of Socure. “We are replacing existing point solutions and vendors on a daily basis as we strive to fulfill our mission of verifying 100% correct identities in real time and completely eliminating identity fraud for every requester and every transaction on the internet. Very few customers want data from devices, phones, or emails to be loaded into a huge rules-based decision engine due to the false positives and negatives being stacked between different providers not interacting – they just want whether they can trust the identity that is being featured or not, and that’s the problem we solve better than anyone in the market, and our performance results prove it.

Additional Highlights for Q3 2021:

New product innovations and industry firsts:

Socure has strengthened its technological leadership in the document and identity verification sector by introducing its predictive document and identity verification solution (Socure Predictive DocV):

  • Socure Predictive DocV is the industry’s premier predictive document and identity verification solution with native fraud risk signals and intelligence. It goes beyond simply authenticating a government-issued ID and matching a selfie with the photo on the ID, but it also predicts whether the identity itself is secure or not to do business using real-time data link for real-time identity trust decisions.

  • Socure DocV’s advanced image capture delivers up to 98% automatic decision-making rate within seconds and thwarts impersonation attacks with 99.5% accuracy using the best vividness detection NIST PAD level 2 and improved biometrics to match the selfie to the photo on the ID.

Growth of employees and new markets:

Socure strengthened its management team and extended its activities to the public sector:

  • Matt Thompson joined Socure as Managing Director of Public Sector Solutions. Thompson will accelerate Socure’s growth and success by bringing private sector best practices and leading identity verification solutions to the public sector. Thompson is a thought leader and recognized innovator in the digital identity field with a proven track record of successfully collaborating with government agencies and leading large-scale digital transformation projects.

  • Former Microsoft and Cisco executive Scott Slipy has joined Socure as Chief People Officer. Slipy will support Socure’s hyper-growth by intensifying its strategies to attract, retain and develop innovative and efficient teams, as well as to promote the company’s culture of impact.

Industry award recognition:

  • Socure was recognized as one of the world’s fastest growing fintech companies and received CB Insights‘Fintech250 for the third consecutive year.

  • Socure was appointed to Forbes 2021 Cloud 100, the definitive list of the 100 best private cloud companies in the world published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures.

  • DA Davidson & Co. included Socure in The herd report featuring the 100 largest private technology companies in the United States. Companies were selected based on growth rate, market knowledge, scale and capitalization.

  • Socure Founder and CEO Johnny Ayers has been recognized by Goldman Sachs as one of the 100 Most Intriguing Entrepreneurs of 2021.

  • Socure was recognized by the Aite-Novarica Group as the winner of the 2021 Impact Innovation Award for innovation in fraud in the risk mitigation category for its industry-leading Sigma synthetic fraud solution.

About Socure

Safe is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with reliable online / offline data intelligence from email, phone, address, IP address, device, speed and broad Internet to verify identities in real time. The company has more than 750 clients in the financial services, gaming, healthcare, telecommunications and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, three of the largest ESMs, the # 1 payroll service provider. , the best credit bureau, the best crypto exchanges, the best Buy Now, Pay Later providers, the biggest online gaming operators and over 100 of the biggest fintechs. Marquee’s clients include Chime, Varo Money, Public, Stash, and DraftKings. Investors include Accel, Commerce Ventures, Scale Venture Partners, Flint Capital, Capital One Ventures, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, Two Sigma Ventures and others.

Socure has received numerous industry awards and accolades, including his nomination to the 2021 Forbes Cloud 100 List, Forbes’ Fintech 50 2021 List, and Forbes’ America’s Top Startup Employers 2021, being appointed to CB Insights: the Fintech 250 for the third consecutive year, awarded Best New Technology Introduced in the Last 12 Months: Data and Data Services to 2020 US FinTech Awards (AFTA), being classified number 70 in Deloitte Fast 500 Technologyâ„¢, being listed as a Gartner Cool Vendor, being recognized by Forbes as one of Top 25 machine learning startups to watch, and rewarded Finovate Award for Best Use of AI / ML, to only cite a few.

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