Socure Announces 750 Customer Milestone as Demand Accelerates for the Industry-Leading Socure ID+ Identity Verification and Fraud Platform
Socure Reports Massive Customer Growth of 277% and Net Retention Rate of 177% in 2021 Driven by Rapid Adoption of All Solutions Across the Platform
NEW YORK–(BUSINESS WIRE)–Socure, the leading provider of digital identity verification and fraud solutions, today announced it has passed a key milestone of 750 customers, marking a 277% increase in new logos and net retention rate of 177% in 2021. Customers were added across industries including financial services, fintech, cryptocurrency, online gaming, telco, e-commerce, insurance, and healthcare.
“Socure is the industry-leading identity verification and trust platform,” said Aman Sharma, Partner at Capital One Ventures. “While there are multiple point products available in the market, Socure is the only complete solution that meets the challenging demands of extremely high growth, low user friction, and low risk for the onboarding and identity engines at the top companies in the world.”
As Socure’s customer base is rapidly increasing, the adoption of its solutions across the platform is also accelerating. Socure’s customers are deploying multiple products across the portfolio, making Socure their platform of choice for identity verification and fraud prevention. And with the recent industry-first technology innovations introduced in the inclusive KYC and Predictive Identity and Document Verification solutions, Socure customers are increasing auto-acceptance rates, unlocking revenue growth, and reducing fraud. The company continues to achieve record sales results as Socure ID+ has emerged as the sole identity verification platform for multiple business units within the largest enterprises and is trusted by 4 of the 5 largest banks, 7 of the 10 largest credit card issuers, top Buy Now, Pay Later (BNPL) providers, top crypto exchanges, and the largest online gaming operators.
“We continue to receive tremendous inbound interest from companies across nearly every consumer-facing industry looking to automate and maximize customer approvals, while reducing false positives and consumer friction,” said Johnny Ayers, founder and CEO of Socure. “Our partners consistently realize a very high ROI due to the unrivaled coverage, accuracy, and speed of our identity verification and fraud platform.”
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, top crypto exchanges, top Buy Now, Pay Later providers, the largest online gaming operators, and over 100 of the largest fintechs. Marquee customers include Chime, Varo Money, Public, Stash, and DraftKings. Investors include Accel, Commerce Ventures, Scale Venture Partners, Flint Capital, Capital One Ventures, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, Two Sigma Ventures, and others.
Socure has received numerous industry awards and accolades, including being named to 2021 Forbes Cloud 100 List, Forbes’ Fintech 50 List 2021, Forbes’ America’s Best Startup Employers 2021, being awarded Best New Technology Introduced Over the Last 12 Months—Data and Data Services at the 2020 American Financial Technology Awards (AFTAs), being ranked number 70 in Deloitte’s Technology Fast 500™, being listed as a Gartner Cool Vendor, being recognized by Forbes as one of the Top 25 Machine Learning Startups to Watch, being named to CB Insights: The Fintech 250, and being awarded Finovate’s Award for Best Use of AI/ML, to name a few.