Socure, headquartered in New York, utilises trusted data from the digital footprint of consumers, including social media, to accurately and efficiently confirm the identity of consumers in real-time. Socure is primarily used within financial institutions for activities such as the opening of new bank accounts or the issuing of credit/debit cards. The technology has further applications across fraud prevention and compliance, ensuring firms meet requirements of directives such as anti-money laundering (AML) regulations. Current Socure customers include Kabbage and StashInvest, and partners Feedzai.
This latest investment is Santander InnoVentures’ ninth since its creation in 2014 – other recent investments include digital wealth advisory platform SigFig, and blockchain intelligence firm Elliptic.
Santander InnoVentures is a FinTech venture capital fund fully-owned by Grupo Santander. The fund is stage-agnostic and invests both capital and resources in companies globally. Banco Santander is a retail and commercial bank based in Spain, with a market share in 10 core countries in Europe and the Americas.
Socure is a digital identity verification solutions provider. Its technology applies machine-learning techniques with biometrics and trusted online/offline data intelligence from email, phone, IP, social media and the broader internet to power next-generation multi-factor authentication in real-time.
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