Company Caps Record Year with Another Breakout Quarter; 159% Bookings Growth Year-over-Year, Best-in-Class Net Retention Rate of 174%, and $4.5B Valuation
Socure, the leading provider of digital identity verification and fraud solutions, announced its 2021 record-breaking results, including five consecutive quarters of growth, 159% bookings growth year-over-year, tripled customer count, and a best-in-class customer retention rate of 174%. Socure’s growth is driven by increasingly high demand for its graph-based identity verification and fraud platform that combines advanced machine learning and artificial intelligence with all elements of a consumer’s identity to deliver the most accurate and robust identity verification and proofing, Know Your Customer (KYC), and fraud risk prediction solutions in the market. Across all of Socure’s sales executives, and all of its products, Socure won 95% of deals that reached a test by proving with data its superior ID coverage, classification accuracy, and approval rates.
2021 was a marquee year as Socure’s customer count tripled and its platform became the gold standard across multiple industries. Today, the company has more than 1,000 customers including four of the five largest banks, 12 of the 15 largest credit issuers, more than 250 fintech companies, top crypto exchanges, online gaming operators, top e-commerce marketplaces, telehealth providers, investment platforms, Buy Now, Pay Later (BNPL) providers, government agencies, and leading brands in other industries.
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Socure customers rely on the platform’s ability to not only provide the most precise identity fraud classification model in the industry, but to deliver unparalleled accuracy with auto-approval rates of up to 98% for mainstream demographics, and up to 94% for the hard-to-identify populations such as Gen Z, millennial, credit invisible, thin-file, and new-to-country. This dramatically reduces false positives, manual reviews, and customer friction, allowing Socure customers to drive tens or even hundreds of millions of dollars in incremental revenue by onboarding more good consumers quickly, and safely.
“The world’s largest companies across all industries have standardized on Socure as their preferred identity verification platform following rigorous proof of concept (PoC) data studies, which we invite any company to try and let the data drive your partner decisions. In every data study, Socure consistently outperforms disparate point solution stacks, as well as individual legacy providers because we’re able to equitably verify the largest number of good consumers with the highest degree of fraud classification accuracy in the industry,” said Johnny Ayers, founder and CEO of Socure. “As we look to 2022, we remain focused on the execution of the business while bringing best-in-class solutions to market that deliver undeniable value and ROI to all consumer-facing verticals.”
In addition, Socure tripled its valuation to $4.5B in 2021, making it the highest-valued private company in the identity verification industry. It is backed by the world’s best growth equity and public market investors, including Accel, T. Rowe Price Inc., Scale, Commerce Ventures, Bain Capital Ventures, and Tiger Global to name a few. After standardizing on its platform, several customers also invested in the company, including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, Santander, MVB Bank, Voyager, and Synchrony.
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“The identity verification market is going through dramatic growth as companies of all sizes are embracing digital-first account opening, onboarding, and overall customer experience. With dozens of companies providing point products and vying for a piece of the market, Socure has emerged as the clear and undisputed leader with a comprehensive, AI-driven platform trusted by the largest enterprises,” said John Locke, partner at Accel.
Rapid Product Innovation and Leadership Recognition
Socure made significant progress toward its goal of becoming the first vendor to verify 100% of identities and eliminate identity fraud for every applicant on the Internet with the following product milestones in 2021:
- Graph-Centric Identity Verification Platform: Built the most comprehensive identity graph in the industry that analyzes and correlates every facet of a digital identity, utilizing more than 17,000 features, 8 billion rows of data, and a continuous feedback loop of decision outcomes from more than 1,000 customers across industries to deliver the highest-assurance assessments of new users in the market.
- KYC: Patented inclusive KYC solution reached industry-leading auto-approval rates of up to 98% for mainstream populations, and up to 94% for hard-to-identify populations such as Gen Z, millennial, credit invisible, thin-file, and new-to-country. New bookings of the KYC product grew 223% YoY.
- Identity Fraud: Sigma Identity Fraud is the most accurate in the industry analyzing every dimension of a consumer’s identity to predict and stop 3rd party fraud—name, email, phone, address, IP, DOB, SSN, device, velocity, network intelligence, linkages, and real-time consortium feedback data—all in a single ML model.
- Synthetic Fraud: Won Aite-Novarica Group’s 2021 Impact Innovation Awards for Fraud Innovation in the Risk Mitigation Category for Sigma Synthetic Identity Fraud.
- Document Verification: Launched Predictive Document Verification solution employing the industry’s only patent-pending, machine learning classification models that utilize inputs from computer vision algorithms, various dimensions of identity elements such as device and phone ownership and selfie-to-document derived patterns fine-tuned for customers’ business needs. This product was awarded the best in class document verification solution by Aite-Novarica Group.
- BNPL: Introduced the first identity verification and fraud solution purpose-built for the BNPL industry.
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