INCLINE VILLAGE, Nev., October 05, 2022--(BUSINESS WIRE)--Socure, the leading provider of digital identity verification and fraud solutions, has earned a spot in the fifth annual Fintech 250 for the fourth year in a row. This list from CB Insights is an annual ranking of the most innovative financial technology companies that are applying a mix of software and technology to transform the financial services industry.
The CB Insights recognition comes on the heels of the company being named to the Inc. 5000, in addition to earlier recognition on the 2022 Forbes Cloud 100 List, Forbes America’s Best Startup Employers 2022, and Deloitte’s Technology Fast 500, further substantiating the company’s growth.
"This year’s Fintech 250 winners are shaping the future of financial services, from payments and banking to investing and insurance," said Brian Lee, senior vice president of CB Insights’ Intelligence Unit. "Representing more than 30 countries, these companies are creating safer and more efficient payment methods, and transforming how traditional banking, insurance, and investing products are delivered. Together, they not only make financial services more convenient for users, but also make them available to more people, especially traditionally underserved populations around the globe."
This year’s list was selected from a pool of over 12,500 private companies. Awardees were chosen on the basis of their business model strength and momentum in the market, as well as Mosaic scores — CB Insights’ proprietary algorithm that measures the overall health and growth potential of private companies.
"Being part of the elite CB Insights Fintech 250 for four out of its five years is a testament to the passion and boundless conviction that our team has in becoming the first and only company to be able to verify 100% of good identities and completely eliminate identity fraud on the internet," said Johnny Ayers, founder and CEO of Socure. "Socureans are proud that we’re enabling all of the 1000+ financial services companies that we partner with to now reach and service marginalized populations, especially those that are new-to-country, underbanked, and credit-invisible while also balancing fraud mitigation with the most accurate solutions available in the market."
Socure is the leader in identity verification and fraud prevention. Its graph-defined platform combines advanced machine learning and artificial intelligence with all elements of a consumer's identity to deliver the most accurate and robust identity verification and proofing, Know Your Customer (KYC), and fraud risk prediction solutions in the market. Customers rely on Socure’s ability to not only provide the most precise identity fraud classification model in the industry, but to deliver unparalleled accuracy with auto-approval rates of up to 98% for mainstream demographics, and up to 94% for the hard-to-identify populations such as Gen Z, millennials, credit-invisible, thin-file, and new-to-country. Socure has the highest auto-approval rate in the market for targeted audiences. This dramatically reduces false positives, manual reviews, and customer friction, allowing Socure customers to drive tens of millions of dollars in incremental revenue by onboarding more good consumers quickly and safely.
About CB Insights
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Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from physical government-issued documents as well as email, phone, address, IP, device, velocity, date of birth, SSN, and the broader internet to verify identities in real time. The company has more than 1,300 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, the top three MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 250 of the largest fintechs. Marquee customers include Chime, SoFi, Robinhood, Gusto, Public, Stash, and DraftKings. Socure customers have become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, and Synchrony. Additional investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, Sorenson, Flint Capital, Two Sigma Ventures, and others.
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