Investors pumped another $450 million into Socure, a provider of digital identity verification technology, on Tuesday in a Series E funding round that gave the company a $4.5 billion valuation.
The valuation comes just seven months after the New York-based company raised $1.3 billion in a Series D funding round.
Socure says four of the top five U.S. banks and seven of the top 10 card issuers are clients. Wells Fargo, Citigroup and Capital One Financial are on its client list. All told, it has more than 750 customers across financial services, gaming, health care, telecom and e-commerce industries.
Socure's capital raise is the latest sign of growth in the burgeoning digital identity market. Last month, TransUnion announced an agreement to acquire the digital identity verification
The venture capital firm Accel led the Socure investment round, along with new investors Bain Capital Ventures and Tiger Global. Existing investors involved were Commerce Ventures, Scale Venture Partners and Sorenson Ventures.
Socure says the investments will fuel product innovation to address identity verification challenges across all digital channels. The company said it will invest specifically in its Socure ID+ fraud platform, which helps clients prevent third-party and synthetic fraud as well as payment and first-party fraud.
“Every team building a digital product faces challenges validating users and security," John Locke, partner at Accel, said in a press release. "Socure’s API has quickly become foundational to these teams. The platform has been transformational for the identity market, and we’re excited to further our support of [CEO] Johnny Ayers and the team.”
