Socure Closes New Round of Funding, with Participation from Major Banks
08/25/20, 1:15 PM
Socure, the leader in Day Zero identity verification, today announced it has raised $35 million in a new round led by Sorenson Ventures with participation from existing investors Commerce Ventures, Scale Venture Partners, and Flint Capital. The round also included new strategic investor participation from Citi Ventures, Wells Fargo Strategic Capital, and MVB Financial Corp. This brings Socure's total funding to $96 million.
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The company plans to use the funds in two ways — to execute on its mission to “verify 100% of good identities and completely eliminate identity fraud” and to increase its investments “across the entire identity verification lifecycle,” further developing proofing and authentication processes, per Ayers. He added that the company is also expanding its partnerships with state and federal government actors to help them invest in digital identity technology after hiring a new head of its public sector business last month.