Identity verification technology provider Socure has secured a $450 million Series E round that has resulted in the New York City-based company having the highest valuation of any private company in the identity verification space at $4.5 billion. Accel and T. Rowe Price led the round with participation from new investors Bain Capital Ventures and Tiger Global.
In a statement, Socure said it will leverage the cash infusion to “substantially accelerate” investments in developing its products, expanding into new markets and retaining and bolstering the human talent it needs to do those things.
“With this additional capital, we will substantially increase our level of commercial velocity and intensity in solving complex customer and societal problems, while maintaining our Day 0 founder’s mentality and continuing to attract the market’s best product, data science, and engineering minds to join our already incredibly talented team,” said Johnny Ayers, CEO of Socure. “We will remain laser focused on our mission to verify 100 percent of good identities and eliminate fraud on the Internet while holding ourselves to the highest quality standards.”