Selfie onboarding specialist Socure is reporting booming growth in the wake of the COVID-19 outbreak.
The privately held company said it saw 113 percent year-over-year growth for the latest fiscal year. What’s more, Socure says its technology is now being used by four of the top five banks, seven of the top 10 card issuers, and more than a hundred of the biggest FinTech companies.
The numbers reflect the growing popularity of selfie onboarding technology, in which facial recognition is used to verify the identities of end users who submit selfie photos and images of their official identity documents. Excitement about this approach to remote onboarding and identity verification can be seen not only in Socure’s impressive numbers, but also those of other vendors in this space such as FaceTec, FacePhi, Onfido, and iProov, all of which have reported rising revenues in recent months.
The selfie onboarding trend has been on the ascent for years now, but was accelerated in the wake of a pandemic that drove even more business and enterprise interactions into online channels, making it one of the biggest trends documented in FindBiometrics’ Year in Review for 2020.
“Every industry has undergone or will undergo a major digital transformation,” explained Socure founder and CEO Johnny Ayers. “As a result, a rapidly growing number of companies are relying on Socure to gain a competitive advantage in the customer acquisition battle by deploying our industry-leading identity verification and trust platform.”
The growing excitement about Socure is illustrated not just by its impressive growth numbers, but by investor interest in the company. Socure raised $100 million in a Series D funding round earlier this year, and followed that with a major strategic investment in the company by Capital One Ventures that recently brought Socure’s valuation to $1.3 billion.
“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 the onboarding and identity engines at the top companies in the world,” asserted Capital One Ventures Partner Aman Sharma.
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June 11, 2021 – by Alex Perala
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