Socure is buying automated id verification answer supplier Berbix for $70 million.
Socure has used Berbix’s expertise to launch its Predictive Doc Verification (DocV) 3.0 answer.
The brand new acquisition can even assist Socure speed up its worldwide growth.
Digital id verification firm Socure has acquired automated id 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 expertise to speed up its worldwide growth by offering international 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,” mentioned Berbix CEO and co-founder Eric Levine. “Shifting ahead with Socure, we’re in a position to multiply our affect on day one by leveraging our expertise with Socure’s substantial buyer base, attain, and repute. Combining our impartial investments in doc verification is yielding beautiful outcomes – and we’re simply getting began.”
Socure has already built-in Berbix’s expertise 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 in a position to enhance first-attempt auto approvals of excellent customers by 26% and enhance fraudulent doc seize by 27%.
Whereas DocV 3.0 is used inside Socure’s built-in id platform, additionally it is out there 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 official,” mentioned Socure Founder and CEO Johnny Ayers. “With out working refined fraud fashions on associated personally identifiable info (PII), or pairing the documentary test with wealthy gadget, cellphone possession, geolocation, and behavioral information, clients see far much less correct choices, leading to larger fraud and decrease buyer acceptance. This prohibits firms 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+ clients 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 most important fintechs, and extra. Amongst Socure’s clients 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
