Digital identity and fraud solution developer Socure has collected $95m in a three-year credit facility with J.P. Morgan, Silicon Valley Bank and KeyBanc Capital Markets.
This line of credit will further strengthen its financial position.
Socure is on a mission to become the first and only solution provider to verify 100% of good identities in real-time and eliminate identity fraud on the internet.
The digital identity company leverages predictive analytics on a suite of trusted online and offline data to verify identities in real-time. It boasts over 1,500 customers across the financial services, government, gaming, healthcare, telecom and e-commerce industries.
The company’s ID+ Platform offers a single solution for various identity needs. It supports risk, third-party identity fraud, KYC, synthetic ID fraud, document and selfie verification, watchlist screening and monitoring, age verification, device risk, email risk and phone risk.
Speaking on the deal, Socure founder and CEO Johnny Ayers said, “Socure is in an exceptional position to solve what organisations and government agencies need most today — accurate and inclusive real-time identity verification without costly fraud and friction within the customer experience.
“With this facility further strengthening our balance sheet, Socure is in a tremendous position to leave the recession much stronger than when we went into it while continuing to distance ourselves from the competition through investments in new solutions, verticals, and strategic acquisitions.”
A recent study from Juniper Research claims the total number of digital identity apps in use will exceed 4.1 billion globally by 2027, nearly doubling from 2.3 billion in 2023.
In other RegTech news, Naq, which was co-founded by a Forbes 30 under 30 winner, raised $1.5m in a seed funding round.
Naq leverages automated compliance and local data security experts to make cybersecurity, compliance and due diligence easy and accessible for SMEs, whilst providing enterprises and governments real-time visibility over their supplier’s security and compliance posture.
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