New York – March 24, 2021 – Cooley advised Socure, a predictive analytics platform for digital identity verification, on its $100 million Series D financing round, which brings the company's valuation to more than $1 billion.
Accel led the round, which also included participation from existing investors Commerce Ventures, Scale Venture Partners, Flint Capital, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, Two Sigma Ventures and others. Socure will use the new capital to support rapid expansion across every consumer-facing vertical, as well as accelerate product innovation as its patent portfolio continues to grow.
"We are honored to be working with Accel and our existing investors as we further our mission to ensure 100% trusted identity for every application and transaction on the internet," Johnny Ayers, co-founder and CEO of Socure, said in a news release. "We are now more confident than ever that we will be the first company to eliminate identity fraud while unlocking complete and fully automated coverage of every good ID."
Using AI and machine learning, Socure enables companies to verify identities in order to validate users and security online. The company has more than 350 customers across the financial services, gaming, telecom and ecommerce industries, including three top-five banks, six top-10 card issuers, the top credit bureau and 75+ of the largest and most successful fintech companies, such as Varo Money, Public, Chime and Stash.