Security Experts:

Connect with us

Hi, what are you looking for?

SecurityWeekSecurityWeek

Cybersecurity Funding

Socure Raises $450 Million at $4.5 Billion Valuation

Digital identity verification provider Socure on Tuesday announced that it has closed a $450 million Series E funding round, at a $4.5 billion valuation. To date, the company has raised nearly $650 million.

Digital identity verification provider Socure on Tuesday announced that it has closed a $450 million Series E funding round, at a $4.5 billion valuation. To date, the company has raised nearly $650 million.

The new funding round was announced roughly half a year after Socure closed a $100 million Series D round, at a $1.3 billion valuation.

The Series E investment round was led by Accel and funds and accounts advised by T. Rowe Price Associates. New investors Bain Capital Ventures and Tiger Global, along with existing investors Commerce Ventures, Sorenson Ventures, and Scale Venture Partners, also contributed.

Socure, which was founded in 2012 and is based in New York, will use the funding to accelerate investment in product innovation, and to enhance its fully-automated, predictive analytics ID+ platform to prevent third party and synthetic fraud, along with payment and first party fraud.

Socure ID+ is already used by some of the largest banks, credit card issuers, and Buy Now, Pay Later (BNPL) providers, as well as fintechs and crypto exchanges.

“With this additional capital, we will substantially increase our level of commercial velocity and intensity in solving complex customer and societal problems, while maintaining our Day 0 founder’s mentality and continuing to attract the market’s best product, data science, and engineering minds to join our already incredibly talented team,” Johnny Ayers, Socure founder and CEO, said.

Related: Compliance-as-a-Service Platform Laika Raises $35 Million

Related: Encryption-as-a-Service Provider Vaultree Emerges From Stealth

Related: Quantum Cybersecurity Provider QuintessenceLabs Raises $18 Million

Related: Neosec Emerges From Stealth With $20.7 Million in Funding

Written By

Ionut Arghire is an international correspondent for SecurityWeek.

Click to comment

Expert Insights

Related Content

Application Security

Cycode, a startup that provides solutions for protecting software source code, emerged from stealth mode on Tuesday with $4.6 million in seed funding.

Identity & Access

Hackers rarely hack in anymore. They log in using stolen, weak, default, or otherwise compromised credentials. That’s why it’s so critical to break the...

Management & Strategy

Microsoft making a multiyear, multibillion dollar investment in the artificial intelligence startup OpenAI, maker of ChatGPT and other tools.

Management & Strategy

Tens of cybersecurity companies have announced cutting staff over the past year, in some cases significant portions of their global workforce.

Identity & Access

Strata Identity has raised $26 million in a Series B funding round led by Telstra Ventures, with additional investment from Forgepoint Capital, Innovating Capital,...

Cybersecurity Funding

Forward Networks, a company that provides network security and reliability solutions, has raised $50 million from several investors.

Funding/M&A

Thoma Bravo will spend $1.3 billion to acquire Canadian software firm Magnet Forensics, expanding a push into the lucrative cybersecurity business.

Funding/M&A

Twenty-one cybersecurity-related M&A deals were announced in December 2022.