Socure, an identity verification and fraud prevention company based in Incline Village, Nevada, raised $156 million in a strategic growth investment that values the company at $5.2 billion. The funding round was announced on Thursday and was led by Summit Partners. Alongside the raise, Socure acquired Austin-based agentic AI startup Fravity to enhance automation in investigating financial crime, according to news.crunchbase.com.
The investment included both primary capital and a secondary tender offer for employees, with participation from Goldman Sachs Alternatives, Wells Fargo, and Docusign among others. Socure did not disclose the financial terms of the Fravity acquisition. Since its founding in 2012, Socure has raised over $742 million in total disclosed funding. Its previous valuation was $4.5 billion during its Series E round in 2021, reflecting significant growth in the past five years.
Socure reported $364 million in annual recurring revenue at the end of the second quarter, marking a 63% increase year-over-year. The company added 95 customers in the quarter, including Circle, Cox Automotive, MoneyLion, and Login.gov. Socure uses artificial intelligence and machine learning to support banks, fintechs, and government agencies in combating increasingly sophisticated fraud. The acquisition of Fravity aims to automate more of the labor-intensive processes in financial crime investigation, reinforcing Socure’s position in the fraud prevention market.
Socure’s rapid growth and strategic acquisition come amid a surge in fraud activity. The company’s latest funding round and acquisition underscore its expanding footprint in identity verification and fraud prevention. Socure’s financial results and customer additions highlight its growing market presence and operational scale, as it continues to integrate AI-driven solutions like those from Fravity to enhance its offerings.