Socure lands $95m credit facility from JP Morgan, SVB and KeyBanc
Socure, a US-based provider of digital identity verification and fraud solutions, has secured a three-year $95 million credit facility with JP Morgan, Silicon Valley Bank and KeyBanc Capital Markets.
Socure lands $95m credit facility
Founded in 2012 and based in Nevada, Socure’s platform uses artificial intelligence and machine learning along with data from physical government-issued documents and online sources to verify identities in real time. It boasts more than 1,500 customers including banks, fintechs, BNPL providers and credit bureaus.
The firm claims that its platform can achieve know your customer (KYC) auto-approval rates of up to 98%.
The company last raised $450 million in a Series E funding round held in November 2021 at a valuation of $4.5 billion.
Socure says it will use the new funds to strengthen its financial position as it invests in its product offerings.
Founder and CEO of Socure, Johnny Ayers, says the facility will put the company in a position to “leave the recession much stronger than when we went into it” while continuing to invest in “new solutions, verticals, and strategic acquisitions”.
