Socure, a provider of digital identity verification and fraud solutions, announced its significantly oversubscribed US$450 million Series E funding round at a US$4.5 billion valuation.
The company achieved a US$4.5 billion valuation just seven months after its US$1.3 billion Series D.
The round was led by Accel alongside funds and accounts advised by T. Rowe Price Associates, Inc.
It also includes two new investors, Bain Capital Ventures and Tiger Global, as well as participation from existing investors Commerce Ventures, Scale Venture Partners, and Sorenson Ventures.
Socure said that this will allow it to accelerate its investments in product innovation to address identity verification challenges.
Additionally, the firm will be able to penetrate new markets including the public sector, as well as continue to attract and retain talent.
The capital will also allow Socure to maximise the scale and intelligence of its customer consortium data and fully-automated ID+ platform to not only prevent third party and synthetic fraud, but also address payment and first party fraud risk while enabling world-class self-service analytics capabilities.
Johnny Ayers, Founder and CEO, Socure said,
“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.”
This article first appeared on Fintech News Switzerland.