Socure is an identity platform that aims to improve customer identification for digital transactions. The company is part of a growing market, with rivals in this competitive space including Signifyd, Riskified, AppsFlyer, ClearSale, Kount, SEON, and Fraud Fighters.
The engine delivered by Socure encompasses KYC (Know Your Customer), identity fraud detection, and document verification. With it, companies can scale rapidly by onboarding more good customers, and prevent online fraud. In addition, underbanked consumers who have been excluded from online services by outdated ID verification can gain access to critical benefits and services online.
Socure has rapidly escalated in popularity, and reached a valuation well over $1 billion. Though not immune from the economic downturn of late, which resulted in two high-profile rounds of lay-offs, the company has secured considerable additional funds that will strengthen its financial position as it moves to capitalize on the ever-growing importance of identity verification and trust.
Steph
Company Specialist at Welcome to the Jungle