Socure Reports 500% Bookings Growth in Q3 Update

“Socure’s technological innovation has helped the company to attract some big clients, especially in the financial services sector. “

Socure is once again reporting record growth amid heightened interest in remote onboarding technology.

Offering a third quarter update, the privately held identity verification specialist said it saw a 221 percent increase in new customers compared to the same period in 2020, and that year-over-year bookings were up 500 percent. The company also noted that Q3 was its fifth consecutive quarter of year-over-year revenue dollar growth.

The remarkable figures attest to market enthusiasm for the kind of biometric onboarding technology in which Socure specializes. The company’s solution uses facial recognition technology to match end users’ selfie photos to images of their official identity documents, thereby enabling remote identity verification. More recently, Socure added a risk scoring capability to its platform that can check additional data, such as telecom records, to add further confidence to the identity verification process, and to flag signs of potential fraud.

Socure’s technological innovation has helped the company to attract some big clients, especially in the financial services sector. The company says that its customer roster includes four of the five largest banks and seven of the top ten credit card issuers. A number of customers have, in turn, become investors in Socure, including Citi Ventures, Wells Fargo Strategic Capital, and DraftKings, among others.

“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,” explained Socure CEO and founder Johnny Ayers, adding later, “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.”

In addition to winning over customers, Socure and its technology have also been attracting top talent. The company recently announced that Matt Thompson, a former IDEMIA executive and seasoned thought leader in the digital identity space, had joined the team as Socure’s General Manager of Public Sector Solutions. And that announcement followed closely on the heels of Socure’s appointment of Scott Slipy as its Chief People Officer.

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October 25, 2021 – by Alex Perala