Socure Makes $70 Million Acquisition

Socure is buying automated id verification answer supplier Berbix for $70 million.

Socure has used Berbix’s expertise to launch its Predictive Doc Verification (DocV) 3.0 answer.

The brand new acquisition can even assist Socure speed up its worldwide growth.

Digital id verification firm Socure has acquired automated id verification answer Berbix for $70 million. The deal marks the first-ever acquisition for Nevada-based Socure.

Based in 2018, Berbix launched a doc verification answer with a forensics engine that detects spoofed IDs – together with AI-generated faux IDs. Socure will leverage this expertise to speed up its worldwide growth by offering international protection of ICAO-compliant journey paperwork, passports, and nationwide ID playing cards. 

“I’m extraordinarily happy with what we constructed at Berbix to advance state-of-the-art doc verification,” stated Berbix CEO and co-founder Eric Levine. “Transferring ahead with Socure, we’re capable of multiply our affect on day one by leveraging our expertise with Socure’s substantial buyer base, attain, and fame. Combining our impartial investments in doc verification is yielding beautiful outcomes – and we’re simply getting began.”

Socure has already built-in Berbix’s expertise into its personal to launch its Predictive Doc Verification (DocV) 3.0 answer. The brand new software combines Berbix’s forensics engine and knowledge extraction with Socure’s picture seize app. The corporate has discovered that DocV 3.0 has been capable of improve first-attempt auto approvals of fine customers by 26% and improve fraudulent doc seize by 27%.

Whereas DocV 3.0 is used inside Socure’s built-in id platform, it’s also obtainable as a standalone answer.

“DocV 3.0 represents a big departure from legacy suppliers whose doc verification fashions depend on easy template checks and guidelines to find out if a doc is official,” stated Socure Founder and CEO Johnny Ayers. “With out operating refined fraud fashions on associated personally identifiable info (PII), or pairing the documentary test with wealthy system, telephone possession, geolocation, and behavioral knowledge, prospects see far much less correct choices, leading to greater fraud and decrease buyer acceptance. This prohibits firms from utilizing doc verification options for high-risk onboarding, authentication, or transactions. It’s an actual hole in how ID doc verification can be utilized.”

Socure has greater than 1,800+ prospects throughout a spread of industries. The corporate serves 4 of the highest 5 banks, 13 of the highest 15 card issuers, over 400 of the biggest fintechs, and extra. Amongst Socure’s prospects are Chime, SoFi, Robinhood, Gusto, Poshmark, and the State of California. Because it was based in 2012, the corporate has raised $742 million from the likes of Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, Synchrony, and others.

Photograph by Jeswin Thomas

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