Socure Raises $30M For Healthcare, Public Sector Expansion

Socure, the provider of identity verification and fraud prevention services, announced Thursday (Feb. 28) it raised $30 million in Series C funding.

In a press release, the company said the round of funding was led by Scale Venture Partners and included participation from existing investors Commerce Ventures, Flint Capital, Two Sigma Ventures and Synchrony. New investor Sorenson Capital also joined the round. To date, Socure has raised $57.5 million in venture funding.

“This funding will enable us to grow our footprint in new strategic U.S. market sectors that are in need of accurate, automated identity verification technology, including healthcare and the public sector,” Socure CEO Tom Thimot said in the press release. “We will invest in the talent required to continue innovating and expanding our machine learning-based predictive analytics platform.”

Socure said the funding will go to accelerate expansion in the marketplace via investments in sales, marketing,  research and development and customer support initiatives. In its press release, the company said its aim is to identify the entire human race and eliminate third-party identity fraud.

The funding comes on the back of a good year for Socure in 2018. The company said annual revenue grew by more than 300 percent as production volume increased to nearly 50 million calls. Deployments grew to more than 100 leading digital banks, lenders, brokers and payments providers, the company said in the press release. It also said its customers saw average fraud rate reductions of 80 percent.

As part of the fundraising, Socure announced Rory O’Driscoll, partner at Scale Venture Partners, will become a member of the Socure board.

“Companies from banks to insurance carriers to healthcare providers struggle with just how slow, expensive, and inaccurate today’s identity verification services can be. Socure offers them better accuracy and fraud detection, delivered through an easy-to-implement API connection,” said O’Driscoll. “It’s a compelling proposition and explains why this company has been so successful so fast.”