Socure Acquires Berbix for Approx. $70M

Socure

Socure, an Incline Village, Nev.-based provider of digital identity verification solutions, acquired Berbix, a San Francisco, CA-based startup that developed a high-accuracy document verification solution with a patent-pending forensics engine able to detect spoofed IDs – including AI-generated fakes.

The deal amounted approximately to $70m cash and stock.

With the integration of Berbix’s technology complete, Socure has also announced the launch of its Predictive Document Verification (DocV) 3.0 solution, to enable increased consumer acquisition while stamping out online identity fraud. The solution combines Berbix’s forensics engine and data extraction capabilities with Socure’s front-end image capture app that provides an automated user experience. Additionally, DocV 3.0 leverages predictive risk signals from Socure’s ID+ comprehensive identity graph, inclusive of rich device, phone ownership, behavioral data, address, and geolocation signals to provide risk decisions on the individual connected to the physical credential.

DocV 3.0 can be used as a solo solution, but it is also a key element of Socure’s integrated identity platform, which includes email risk, phone, risk, ID & Synthetic ID fraud, AML, Bank Account Verification, and Know Your Customer (KYC) solutions.

Berbix CEO and co-founder Eric Levine will assume the role of Socure’s Senior Vice President and Head of DocV Product Management as part of the acquisition.

Led by founder and CEO Johnny Ayers, Socure provides a predictive analytics platform that applies artificial intelligence and machine learning techniques with online/offline data intelligence from physical government-issued documents as well as email, phone, address, IP, device, velocity, date of birth, SSN, and the broader internet to verify identities in real-time. The company has more than 1,800+ customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, 13 of the top 15 card issuers, the top three MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 400 of the largest fintechs. Customers include Chime, SoFi, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, the State of California, and Florida’s Homeowner Assistance Fund.

FinSMEs

27/06/2023