About
Socure is a leading identity verification platform valued at $4.5B. Processed 2.7B identity requests in 2024 (2x YoY growth) covering 370M unique identities. Serves 2,800+ customers including 13 US states and federal agencies. Achieved 54% YoY GAAP revenue growth. Acquired Effectiv (Oct 2024) to expand into payments fraud and AML. Named a Leader in Gartner's 2024 Magic Quadrant for ID verification.
Key Facts
- [1]Founded: Founded in 2012 in New York, United States.
- [2]Funding: Total funding: $650M. Last round: Nov 2021. Stage: Late Stage.
- [3]Valuation: Valued at $4.5B.
- [4]Customers: Key customers include DraftKings, Chime.
- [5]Employees: Employee count: 201-500.
- [6]Website: Official website: socure.com.
- [7]AI Technology: Core AI/ML technologies: Predictive ML.
- [8]Region: Region: Americas (United States).
Founders
Johnny Ayers
Co-founder & CEO
Sunil Madhu
Co-founder
Key Customers & Partners
AI Technology
Predictive ML
Traditional ML algorithms for classification, regression, and scoring models
Classification
Market Segments
Details
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Frequently Asked Questions
What is Socure?
Socure is a leading identity verification platform valued at $4.5B. Processed 2.7B identity requests in 2024 (2x YoY growth) covering 370M unique identities. Serves 2,800+ customers including 13 US states and federal agencies. Achieved 54% YoY GAAP revenue growth. Acquired Effectiv (Oct 2024) to expand into payments fraud and AML. Named a Leader in Gartner's 2024 Magic Quadrant for ID verification. Socure is classified in the Risk & Compliance segment at the Models layer of the financial AI stack.
Who founded Socure?
Socure was founded by Johnny Ayers (Co-founder & CEO) and Sunil Madhu (Co-founder) in 2012 in New York, United States. The company has been operating for 14 years.
How much funding has Socure raised?
Socure has raised $650M in total funding, placing the company at the Late Stage stage. The most recent round closed in Nov 2021. The company is valued at approximately $4.5B. Among 74 funded Risk & Compliance companies, Socure ranks #7 by total capital raised. (Source: AIFI Map directory.)
What AI technology does Socure use?
Socure primarily leverages Predictive ML technology. Traditional ML algorithms for classification, regression, and scoring models. Within the Risk & Compliance segment, 42 companies use this technology.
What market segment does Socure operate in?
Socure operates in the Risk & Compliance and Lending & Credit and Banking & Payments market segments. AI risk and compliance companies protect financial institutions from fraud, money laundering, identity theft, and regulatory violations. This is one of the largest and most critical segments in the AI finance landscape, as the cost of financial crime and non-compliance runs into the hundreds of billions annually. The company also has a footprint in lending & credit and banking & payments, reflecting its cross-functional approach to financial AI.
Where is Socure headquartered?
Socure is headquartered in New York, United States. The company operates in the Americas region. The team consists of 201-500 employees. United States is home to 324 financial AI companies tracked by AIFI Map.
Who are Socure's competitors?
Companies similar to Socure in the Risk & Compliance space include Feedzai ($431M raised), Sardine ($170M raised), Hawk AI ($83M raised), Resistant AI ($55M raised), Flagright ($8M raised). These companies operate in related areas of financial AI: Feedzai focuses on ai-native fraud and financial crime prevention platform for major banks. Sardine focuses on ai risk platform for fraud, credit, and compliance. Hawk AI focuses on ai-powered aml and fraud detection for banks and fintechs. (Based on AIFI Map classification data.)
What products does Socure offer?
Socure builds models-layer solutions for the financial services industry. The company's core offering: Digital identity verification and fraud prevention. The platform is powered by Predictive ML technology. Notable users include DraftKings, Chime.