Socure Reaches 750 Customer Milestone

Socure is celebrating the continued growth of its customer base. The company is now providing identity verification services for 750 customers, a figure that speaks to both its high retention rate and its appeal on the open market. In that regard, Socure has enjoyed a 277 percent increase in new logos in 2021, while its net retention rate for the year sits at 177 percent.

Those clients represent a number of different industries, including healthcare, insurance, and e-commerce in addition to financial services and telecommunications. Many of those customers are taking advantage of more than one Socure product, and in the process are turning to one provider for all of their identity verification needs.

Socure’s solutions are designed to mitigate the threat of fraud and boost revenue for the organizations that deploy them. The technology can also increase auto-acceptance rates when onboarding customers remotely. The company has added several new products to its portfolio in the past few months, including a solution designed specifically for the Buy Now, Pay Later industry, and a new Predictive Identity and Document Verification tool that offers both biometric identity verification and risk screening.

“While there are multiple point products available in the market, Socure is the only complete solution that meets the challenging demands of extremely high growth, low user friction, and low risk for onboarding and identity,” said Capital One Ventures Partner Aman Sharma. Capital One made an undisclosed investment in Socure earlier this year.

“We continue to receive tremendous inbound interest from companies across nearly every consumer-facing industry looking to automate and maximize customer approvals, while reducing false positives and consumer friction,” added Socure Founder and CEO Johnny Ayers. “Our partners consistently realize a very high ROI due to the unrivaled coverage, accuracy, and speed of our identity verification and fraud platform.”

Socure is currently trying to expand its team to support its ongoing growth. The company appointed a new VP of Commercialization in August, and brought on a new Chief People Officer in September.

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October 4, 2021 – by Eric Weiss