Socure, a NYC-based provider of digital identity verification predictive analytics technology, closed a $13.9m Series B round of funding.
The round was led by Commerce Ventures, with participation from Flint Capital, Work-Bench, Santander InnoVentures and Two Sigma Ventures, among others.
The company intends to use the funds to scale sales and support operations, build out its infrastructure and drive market expansion.
Founded in 2012 by Sunil Madhu, CEO, Socure provides a predictive analytics platform that applies artificial intelligence and machine-learning techniques with online/offline data intelligence from email, phone, address, IP, social media and the broader Internet to authenticate identities in real-time. Socure serves powers financial inclusion, increasing acceptance for millennials and other thin-file consumers and also bolsters CIP/KYC programs and AML compliance for enterprises in the US, helping them to reduce fraud and lower manual review costs. and is based in New York City.
Customers include a top 5 US bank, a top 5 global money transfer provider, a top 10 US card issuer and many of the leading digital banks, lenders and insurers.