Aite-Novarica Group Recognizes Socure as the Only Vendor in Its Best-in-Class Circle Amongst Eight Competitors in Its Global Document Identification and Verification Impact Report
Socure’s ID+ Platform and Predictive DocV Outperform All Others in Vendor Stability, Client Strength and Service, and Product Features
NEW YORK–(BUSINESS WIRE)–Socure, the leading provider of digital identity verification and fraud solutions, announced its industry-leading predictive identity document verification product tops the list as the number one, best-in-class solution in Aite-Novarica’s Global Document Identification and Verification Impact Report. In addition, Socure was the only company included in Aite’s best-in-class circle for vendor stability, client strength and service, and product features.
As quoted in the report, “Socure is the highest in the best in class and the only vendor within the best-in-class circle, with a high score in client strength and client service, a strong product offering, and a robust reputation for its product, customer service, and ability to deliver on promises.”
Aite-Novarica recognized Socure’s Predictive Document Verification (DocV) for bringing first-ever technologies into the identity verification and fraud market, including computer vision that is capable of estimating age, discerning unique facial features, optical character recognition, and more. Taking things a step further, proprietary machine learning models built off of millions of transactions provide singular, cohesive scores on the risk of a given transaction, while at the same time providing simple outputs with inferences and reason codes justifying that score. Underpinning the industry’s most accurate solution are deep neural networks with billions of parameters trained with millions of digital identity and ID document data points to capture complex signals and predictive tendencies, which ultimately maximize the identification of good customers and the elimination of fraudsters in real time. The technology is delivered flexibly via native and web browser software development kits (SDKs) and is fully customizable and configurable to accommodate any use case and branding by the customer.
As Socure works to be the first to verify 100% of good identities in real time and eliminate identity fraud across every transaction on the internet, Predictive DocV is a key component of the identity engine that covers the entire customer lifecycle. Trusted by top enterprises across industries, Socure has 750+ customers, including four of the top five banks and seven of the top 10 credit card issuers, and boasts a 179% net retention rate. And with a recent $450M Series E and a $4.5B valuation, Socure is the highest-valued and clear market leader in the identity verification space.
“Legacy solutions aren’t accurately predicting whether or not it is safe to allow a user to enter a company’s ecosystem. This is an essential part of doing business that now goes beyond financial services, supported by Aite-Novarica calling out that 74% of clients in industries such as age-restricted products, automotive, cryptocurrencies, entertainment, gaming, gig economy, healthcare, transportation, hospitality, and utilities are now investing in this technology,” said Johnny Ayers, founder and CEO of Socure. “Accurate identity risk assessment reduces losses at customer onboarding and the surge in online growth has forced organizations to adopt solutions that add good customers in real time while eliminating fraud and that’s what Socure’s DocV and our entire ID+ platform does better than any other solution in the industry.”
Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time. The company has more than 750 customers across the financial services, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 100 of the largest fintechs. Marquee customers include Chime, SoFi, Varo Money, Public, Stash, and DraftKings. Socure customers have become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyager, and Synchrony. Additional investors include Accel, funds and accounts advised by T. Rowe Price Associates, Inc., Bain Capital Ventures, Tiger Global, Commerce Ventures, Flint Capital, Scale Venture Partners, Sorenson, Two Sigma Ventures, and others.
Socure has received numerous industry awards and accolades, including being ranked as the fastest-growing identity verification company in North America on the 2021 Deloitte Technology Fast 500™ for the second year in a row, being named to the 2021 Forbes Cloud 100 List, Forbes’ Fintech 50 List 2021, and Forbes’ America’s Best Startup Employers 2021, being named to CB Insights: The Fintech 250 for the third year in a row, being awarded Best New Technology Introduced Over the Last 12 Months—Data and Data Services at the 2020 American Financial Technology Awards (AFTAs), being listed as a Gartner Cool Vendor, being recognized by Forbes as one of the Top 25 Machine Learning Startups to Watch, being awarded Finovate’s Award for Best Use of AI/ML, to name a few. Founder and CEO Johnny Ayers has also been recognized by Goldman Sachs as one of the 100 Most Intriguing Entrepreneurs of 2021.