Digital identity verification and fraud platform Socure raised $450 million in an oversubscribed Series E funding round that puts its valuation at $4.5 billion, the company announced Tuesday (Nov. 9).
The round was led by Accel and T. Rowe Price Associates, with participation from new investors Bain Capital Ventures and Tiger Global, and existing investors Commerce Ventures, Scale Venture Partners and Sorenson Ventures.
“When you’re a market leader, you move from attacking and replacing the incumbents repeatedly as you earn your seat at the table to truly being a strategic partner to many of the best companies in the world,” Johnny Ayers, Socure founder and CEO, said in the release.
Ayers added that the fresh infusion of capital will help the company boost its “level of commercial velocity and intensity in solving complex customer and societal problems” while as the same time keeping its “Day 0 founder’s mentality.”
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He also said that Socure is planning to stay “laser focused on our mission to verify 100% of good identities and eliminate fraud on the Internet while holding ourselves to the highest quality standards.”
Founded in 2012 in New York, Socure raised $1.3 billion is a Series D funding round earlier this year and has experienced a 500% year-over-year bookings growth. The company said it has the highest valuation of a private firm operating in the identity verification sector.
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Socure is planning to further invest in product innovation so it can better address identity verification challenges across the entire digital consumer journey. The company is also looking to expand into new markets including the public sector.
This latest funding will also go towards helping Socure “maximize the scale and intelligence of its customer consortium data and fully-automated ID+ platform to not only prevent third party and synthetic fraud, but also address payment and first party fraud risk while enabling world-class self-service analytics capabilities,” according to the release.
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