Socure is buying automated identification verification answer supplier Berbix for $70 million.
Socure has used Berbix’s know-how to launch its Predictive Doc Verification (DocV) 3.0 answer.
The brand new acquisition may also assist Socure speed up its worldwide enlargement.
Digital identification verification firm Socure has acquired automated identification verification answer Berbix for $70 million. The deal marks the first-ever acquisition for Nevada-based Socure.
Based in 2018, Berbix launched a doc verification answer with a forensics engine that detects spoofed IDs – together with AI-generated pretend IDs. Socure will leverage this know-how to speed up its worldwide enlargement by offering world protection of ICAO-compliant journey paperwork, passports, and nationwide ID playing cards.
“I’m extraordinarily happy with what we constructed at Berbix to advance state-of-the-art doc verification,” stated Berbix CEO and co-founder Eric Levine. “Transferring ahead with Socure, we’re capable of multiply our impression on day one by leveraging our know-how with Socure’s substantial buyer base, attain, and status. Combining our impartial investments in doc verification is yielding gorgeous outcomes – and we’re simply getting began.”
Socure has already built-in Berbix’s know-how into its personal to launch its Predictive Doc Verification (DocV) 3.0 answer. The brand new software combines Berbix’s forensics engine and information extraction with Socure’s picture seize app. The corporate has discovered that DocV 3.0 has been capable of improve first-attempt auto approvals of excellent shoppers by 26% and improve fraudulent doc seize by 27%.
Whereas DocV 3.0 is used inside Socure’s built-in identification platform, it is usually accessible as a standalone answer.
“DocV 3.0 represents a major departure from legacy suppliers whose doc verification fashions depend on easy template checks and guidelines to find out if a doc is legit,” stated Socure Founder and CEO Johnny Ayers. “With out operating refined fraud fashions on associated personally identifiable data (PII), or pairing the documentary test with wealthy system, cellphone possession, geolocation, and behavioral information, prospects see far much less correct selections, leading to increased fraud and decrease buyer acceptance. This prohibits corporations from utilizing doc verification options for high-risk onboarding, authentication, or transactions. It’s an actual hole in how ID doc verification can be utilized.”
Socure has greater than 1,800+ prospects throughout a variety of industries. The corporate serves 4 of the highest 5 banks, 13 of the highest 15 card issuers, over 400 of the biggest fintechs, and extra. Amongst Socure’s prospects are Chime, SoFi, Robinhood, Gusto, Poshmark, and the State of California. Because it was based in 2012, the corporate has raised $742 million from the likes of Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, Synchrony, and others.
Picture by Jeswin Thomas
