Socure Achieves 500% Year-over-Year Bookings Growth; 221% Year-over-Year Increase in New Customers and a Net Retention Rate of 179%
NEW YORK, October 25, 2021--(BUSINESS WIRE)--Socure, the leading provider of digital identity verification and fraud solutions, today announced the results of another record-breaking quarter reflecting the accelerating adoption of its industry-leading digital identity verification and fraud platform. Socure achieved 500% year-over-year bookings growth in the third quarter of 2021 achieving the fifth consecutive quarter of record year-over-year revenue dollar growth. High demand for the most accurate and comprehensive identity verification and fraud platform drove a record number of new customers marking a 221% increase compared with the third quarter of 2020.
Socure ID+ has emerged as the preferred identity verification and fraud platform for enterprises of all sizes and is trusted by 4 of the 5 largest banks, 7 of the 10 largest credit card issuers, top Buy Now, Pay Later (BNPL) providers, top crypto exchanges, top e-commerce marketplaces, telehealth providers, and the largest online gaming operators. Socure customers have also become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyager, and Synchrony. Other marquee customers include Chime, Varo Money, Public, Stash, and DraftKings.
Socure achieved a net retention rate of 179% driven by near-zero attrition and its enterprise customers increasingly deploying multiple Socure products across various divisions making Socure their complete KYC, document verification, AML, and fraud prevention platform.
Socure leads the market by significantly reducing fraud and customer friction in a single platform for companies across multiple online industries. Socure’s patented data ingestion and cleansing technology is paired with unsupervised ML clustering capabilities, enabling the company to analyze an unparalleled breadth and depth of data that goes beyond the industry status quo. The identity resolution engine analyzes over 8 billion records and more than 530 million good and bad identities to achieve the most accurate view of identity possible.
"Because of the maniacal focus on coverage and accuracy in making each solution in our identity verification and fraud platform best-in-class, we allow our customers to auto-approve more good customers than they ever could before, while reducing friction and fraud — driving enormous ROI," said Johnny Ayers, founder and CEO of Socure. "We are displacing point solutions and legacy providers on a daily basis as we work to fulfill our mission to verify 100% of good identities in real time and completely eliminate identity fraud for every applicant and transaction on the Internet. Very few customers want device, phone, or email data loaded into a huge rules-based decision engine because of the compounding false positives and negatives across different vendors that don’t interoperate — they just want to know if they can trust the identity that’s being presented to them or not, and that’s the problem we solve better than anyone else in the market, and our performance results prove it."
Additional Q3 2021 Highlights:
New Product Innovations and Industry-Firsts:
Socure increased its technology leadership in the document and identity verification industry by introducing its Predictive Document and Identity Verification Solution (Socure Predictive DocV):
Socure Predictive DocV is the industry’s first predictive document and identity verification solution with native fraud risk signals and intelligence. It goes beyond simply authenticating a government-issued ID and matching a selfie to the photo on the ID, but it also predicts whether or not the identity itself is safe to do business with by employing real-time data linking for real-time identity trust decisions.
Socure DocV’s advanced image capture delivers up to 98% auto-decisioning rates within seconds and thwarts spoofing attacks with 99.5% accuracy by utilizing best-in-class, NIST PAD Level-2 liveness detection and enhanced biometrics to match the selfie to the photo on the ID.
Employee and New Market Growth:
Socure added to its executive leadership team and expanded its business into the public sector:
Matt Thompson joined Socure as General Manager of Public Sector Solutions. Thompson will accelerate Socure’s growth and success by bringing private-sector best practices and industry-leading identity verification solutions to the public sector. Thompson is a recognized thought leader and innovator in the digital identity space with a proven track record of successfully working with government agencies and leading large-scale digital transformation projects.
Former Microsoft and Cisco executive Scott Slipy joined Socure as Chief People Officer. Slipy will support Socure’s hypergrowth by scaling up strategies to attract, retain, and develop innovative and high-performing teams as well as further the company’s impact-driven culture.
Industry Award Recognition:
Socure was named to the Forbes 2021 Cloud 100, the definitive list of the top 100 private cloud companies in the world published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures.
D.A. Davidson & Co. included Socure in The Herd report featuring the top 100 privately-held technology companies in the U.S. Companies were selected based upon growth rate, market awareness, scale, and capitalization.
Socure founder and CEO Johnny Ayers was recognized by Goldman Sachs as one of the 100 Most Intriguing Entrepreneurs of 2021.
Socure was recognized by Aite-Novarica Group as the winner of the 2021 Impact Innovation Awards for Fraud Innovation in the Risk Mitigation Category for its industry-leading Sigma Synthetic Fraud solution.
Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time. The company has more than 750 customers across the financial services, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, top crypto exchanges, top Buy Now, Pay Later providers, the largest online gaming operators, and over 100 of the largest fintechs. Marquee customers include Chime, Varo Money, Public, Stash, and DraftKings. Investors include Accel, Commerce Ventures, Scale Venture Partners, Flint Capital, Capital One Ventures, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, Two Sigma Ventures, and others.
Socure has received numerous industry awards and accolades, including being named to the 2021 Forbes Cloud 100 List, Forbes’ Fintech 50 List 2021, and Forbes’ America’s Best Startup Employers 2021, being named to CB Insights: The Fintech 250 for the third year in a row, being awarded Best New Technology Introduced Over the Last 12 Months—Data and Data Services at the 2020 American Financial Technology Awards (AFTAs), being ranked number 70 in Deloitte’s Technology Fast 500™, being listed as a Gartner Cool Vendor, being recognized by Forbes as one of the Top 25 Machine Learning Startups to Watch, and being awarded Finovate’s Award for Best Use of AI/ML, to name a few.
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