Nevada-based identity verification and fraud prevention startup Socure raised $156M at a $5.2B valuation and acquires Austin-based agentic AI startup Fravity (Mary Ann Azevedo/Crunchbase News)
Identity verification and fraud prevention company Socure announced Thursday that it raised $156 million in a strategic growth investment valuing it at $5.2 billion.
Socure, a Nevada-based identity verification and fraud prevention startup, has raised $156 million in a strategic growth investment, valuing the company at $5.2 billion. The investment was led by Summit Partners and included participation from Goldman Sachs Alternatives, Wells Fargo, Docusign, and others. According to Crunchbase News, this brings Socure's total disclosed funding to over $742 million since its inception in 2012.
As part of this growth, Socure has acquired Austin-based agentic AI startup Fravity. The acquisition aims to automate more of the labor-intensive work involved in investigating financial crime, specifically targeting manual case reviews that consume analyst time. Fravity's technology, which will be integrated into Socure's RiskOS platform, automates tasks such as document retrieval, sanctions and watchlist screening, and drafting case summaries.
Socure reported $364 million in annual recurring revenue at the end of the second quarter, a 63% increase from the previous year. The company added 95 customers during the quarter, including Circle, Cox Automotive, MoneyLion, and Login.gov. This growth comes as Socure faces a surge in increasingly sophisticated fraud, Finextra and SiliconANGLE reported.
Brief written by urgent.news from Techmeme, Finextra, Crunchbase News, SiliconANGLE — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.
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