Socure Reports Breakout Third Quarter Bookings and Customer Growth as It Extends Its Leadership in the Identity Verification and Fraud Prevention Space
Socure, the leading provider of digital identity verification and fraud solutions, 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.
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“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”
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.”
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