NEW YORK, Aug. 26, 2015 (GLOBE NEWSWIRE) -- Flint Capital, an international venture capital fund investing across US, Israel and Europe, today announced an investment in Socure, an emerging industry leader focused on real-time online identity verification solutions. The fund has joined the round totaling $2.5M; further details were not disclosed.
To date, Socure has attracted more than seven million dollars of investment capital, from ff Venture Capital (New York), Two Sigma Ventures (New York), Founder Collective (Cambridge, MA), and others. Socure counts Top-tier banks, remittance and payments companies, card networks, lenders, merchants and credit bureaus across 32 countries among its clients.
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Socure has developed and patented its Social Biometrics™ platform. Delivered as an online service, Social Biometrics is used by businesses to verify, in real time, that people are who they say they are, using social networks and other trusted online resources to prevent financial fraud and enable inclusion for billions of people worldwide.
"Socure is pioneering identity verification with its Social Biometrics platform, which helps financial institutions to combat fraud globally,” said Sergey Gribov, partner at Flint Capital. “Socure excels where current identity verification solutions fall short, enabling verification for people who don’t have a credit history. This is an even bigger market outside of the US, where credit systems don’t exist at all. Flint Capital is planning to help the company with our international connections and expertise.”
The market for online identity verification is estimated to be $11 billion, with vertical industries such as insurance, healthcare, banking, lending, e-commerce, gaming and telecommunications seen as primary adopters of the technology. Key trends enabling this uptake include ‘Bring Your Own Device’ (BYOD) and the ‘Internet of Things’ (IoT).
Socure is Flint Capital’s third investment in the United States. After becoming one of the most active foreign funds investing in Israel, the firm opened a US office in Boston, Massachusetts in April.
About Flint Capital
Flint Capital (www.flintcap.com) is a $100 million international investment fund with offices in the USA (Boston and Palo Alto), Israel and Europe. It was founded in 2013 to support the best entrepreneurs, wherever they are. Flint is a multi-stage venture fund, which focuses on investments in mobile, SaaS, Advertisement, Financial as well as Security and Enterprise sectors of high technology.
Socure (www.socure.com) is the leader in real-time online identity verification solutions. Its cloud-based solution allows enterprises to reduce third party identity and synthetic fraud, increase the acceptance of valuable customers and reduce the cost of compliance/manual review. Socure was founded in 2012 and is based in New York City.