Startups > Socure

Socure

Socure helps financial services and fintechs verify identities in milliseconds with AI.

Series E $650M total Founded 2012 New York, New York 435 employees

Socure is an AI-powered identity verification and fraud prevention platform that processes identity data across 400+ authoritative sources to make real-time verification decisions in milliseconds. The platform serves financial services, fintechs, gaming, healthcare, and e-commerce companies seeking to approve more customers while reducing fraud risk. Socure's self-learning models improve with each verification through feedback from its Risk Insights Network of 2,300+ customers, enabling significantly higher auto-approval rates for underserved demographics like Gen Z and immigrants.

Problem solved

Legacy identity verification systems rely heavily on credit data, resulting in false rejections of valid customers (especially Gen Z and immigrants) and slower manual review processes that delay customer onboarding.

Target customer

Mid-market to enterprise financial services, fintechs, payment processors, gaming operators, and e-commerce companies needing frictionless identity verification with high auto-approval rates and fraud prevention.

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Founders

Johnny Ayers

Founder & CEO

Finance background from PIMCO and Bank of America Merrill Lynch; BS and MS in Finance from Boston College Carroll School of Management; recognized by Goldman Sachs as Most Exceptional Entrepreneur.

Sunil Madhu

Co-Founder

Deep background in identity verification and authentication technologies.

Funding history

Seed $600K February 2013 Led by Unknown · Unknown

Series D $100M March 2021 Led by Unknown · Unknown

Series E $450M November 2021 Led by Accel, T. Rowe Price · Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, Sorenson Ventures

Debt $95M March 2023 Led by Unknown · Unknown

Total raised: $650M

Industries

Cyber Security Identity Management Machine Learning Predictive Analytics

Pricing

Custom pricing model. Contact sales team for quote. No publicly available pricing information.

Notable customers

Capital One, Citi, Chime, SoFi, Green Dot, Varo, Ingo, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, PrizePicks, State of California, Betterment, Lili

Integrations

DocuSign, Marketo, Zoominfo, Google Workspace, AWS

Tech stack

Angular (JavaScript frameworks) Select2 (JavaScript libraries) jQuery Migrate (JavaScript libraries) jQuery UI (JavaScript libraries) jQuery (JavaScript libraries) core-js (JavaScript libraries) Bootstrap (UI frameworks) Drift (Live chat) Module Federation Open Graph DocuSign WordPress (Blogs) Marketo Forms (Marketo Forms) Zoominfo (Analytics) Linkedin Insight Tag (Analytics) Hotjar (Analytics) Google Analytics (Analytics) Facebook Pixel (Analytics) Dreamdata (Marketing automation) Mixpanel (Analytics) reCAPTCHA (Security) HSTS (Security) Bugcrowd (Security) Typekit (Font scripts) Twitter Emoji (Font scripts) Nginx (Reverse proxies) Varnish (Caching) WP Rocket (Caching) PHP (Programming languages) Google Workspace (Email) Fastly (CDN) jQuery CDN (CDN) 6sense (Marketing automation) Marketo (Marketing automation) MySQL (Databases) MariaDB (Databases) Twitter Ads (Advertising) Microsoft Advertising (Advertising) Google Tag Manager (Tag managers) Yoast SEO (SEO) Pantheon (PaaS) Amazon Web Services (PaaS) OneTrust (Cookie compliance) Google Optimize (A/B Testing) Mailgun (Email) Amazon SES (Email) New Relic (RUM) ProfilePress (WordPress plugins)

Website

socure.com/

Competitors

Experian

Large legacy credit reporting company; Socure uses broader data sources beyond credit and focuses on platform strategy with higher growth rates.

LexisNexis

Established data and analytics provider; Socure's self-learning AI models and risk insights network provide superior verification rates for underserved demographics.

Jumio

Identity verification provider; Socure's triangulated approach across 400+ sources and proprietary consortium feedback data delivers higher accuracy and auto-approval rates.

ID.me

Focused identity verification platform; Socure's comprehensive data graph and self-learning capabilities enable better performance at scale.

Veriff

Document-based identity verification; Socure combines online and offline data points across multiple sources for more comprehensive verification.

SEON

Fraud prevention platform; Socure's broader identity graph and platform strategy delivers more comprehensive identity and fraud solutions.

Why this matters: Socure became a unicorn in just 9 years (2012-2021) by pioneering a platform approach to identity verification with proprietary AI trained on 10+ years of consortium data from 2,300+ customers. The company's ability to increase customer auto-approvals by 30%+ while reducing fraud positions it as a critical infrastructure player in fintech and financial services digital transformation.

Best for: Financial services, fintech, and e-commerce companies seeking to increase auto-approval rates by 3-5%, reduce fraud, and improve onboarding experience for hard-to-verify customer segments.

Use cases

Boosting Auto-Approvals for New-to-Country Immigrants

A BNPL provider using Socure's non-credit-dependent verification increases auto-approval rates by 30% for immigrants and thin-file customers who lack traditional credit history. Instead of manual review delays, customers complete onboarding in seconds, directly improving conversion rates and customer lifetime value.

Reducing Fraud in Gaming Operator Onboarding

An online gaming operator leverages Socure's triangulated data across 400+ sources to correlate thousands of identity data points and detect synthetic fraud and account takeover attempts in real-time. The self-learning model flags suspicious patterns that evolve with new fraud tactics, reducing chargebacks and regulatory risk.

Accelerating Digital Banking Account Opening

A regional bank partners with Socure to replace slower legacy identity verification with millisecond real-time decisions, enabling customers to complete account opening on mobile in under 2 minutes. The system handles age verification, KYC compliance, and fraud detection in a single call, eliminating back-office manual review queues.

Alternatives

Onfido (Entrust IDV) Document-first verification approach; Socure's broader data graph provides better performance for customers without strong document credentials.

Signifyd Primarily focused on chargeback protection and payment fraud; Socure offers comprehensive identity verification as core platform.

SEON Broader fraud detection platform with identity components; Socure's specialized identity graph and auto-approval focus is stronger for onboarding use cases.

FAQ

What does Socure do? +

Socure is an AI-powered identity verification platform that ingests data from 400+ authoritative sources to make real-time identity verification, fraud prevention, and age verification decisions in milliseconds. The platform's self-learning models improve continuously through feedback from over 2,300 customers, enabling higher auto-approvals and superior fraud detection compared to legacy systems.

How much does Socure cost? +

Socure uses custom pricing and does not publicly disclose rates. Pricing varies based on verification volume, features used (identity verification, fraud detection, age verification, workforce screening), and customer size. Contact Socure's sales team for a customized quote.

What are alternatives to Socure? +

Top alternatives include Onfido (document-based verification), SEON (broader fraud detection), Veriff (identity verification), ID.me (identity platform), Signifyd (payment fraud focus), and legacy providers like Experian and LexisNexis. Choice depends on whether you prioritize document verification, fraud prevention, or comprehensive identity data.

Who uses Socure? +

Socure serves over 1,000 customers across financial services, fintechs, gaming, healthcare, telecom, and e-commerce. Notable customers include Capital One, Citi, Chime, SoFi, Robinhood, DraftKings, and Gustu. The platform powers 4 of the top 5 banks, 7 of the top 10 card issuers, and 250+ of the largest fintechs.

How does Socure compare to LexisNexis? +

Both provide identity verification, but Socure uses AI-powered triangulation across 400+ data sources with self-learning capabilities, while LexisNexis relies more heavily on traditional data products. Socure achieves 2x+ revenue growth compared to peers and specializes in high auto-approval rates for underserved demographics like Gen Z and immigrants that LexisNexis credit-based systems struggle to serve.