Socure, a provider of digital identity verification and fraud solutions for the gaming and other sectors, has announced its significantly oversubscribed $450m funding round at a $4.5bn valuation from a number of the world’s best growth equity and public market investors.
The company, which will have a significant presence at December’s SBC Summit North America, achieved the valuation just seven months after its $1.3bn Series D, on the back of 500% year-over-year bookings growth and nearly $1bn of investment demand. In doing so, it has earned the highest valuation for any private company in the identity verification space.
“The round is part of a Series E transaction led by Accel alongside funds and accounts advised by T Rowe Price Associates Inc. It also includes two new investors, Bain Capital Ventures and Tiger Global, as well as participation from existing investors Commerce Ventures, Scale Venture Partners, and Sorenson Ventures.
Socure will substantially accelerate its investments in product innovation to address identity verification challenges across the entire digital consumer journey, penetrate new markets including the public sector, as well as continue to attract and retain the best product, data science, and engineering teams in the world.
The capital will also allow the firm to 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.
Johnny Ayers, Socure Founder and CEO, noted: “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.
“With this additional capital, we will substantially increase our level of commercial velocity and intensity in solving complex customer and societal problems, while maintaining our Day 0 founder’s mentality and continuing to attract the market’s best product, data science, and engineering minds to join our already incredibly talented team.
“We will remain 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 and cementing Socure as the top performing company in the industry.”