Socure Achieves 126% Year-over-year Recurring Revenue Growth Driven by 1H’21 Bookings Growth of 220% and Surpasses Milestone of 500 Enterprise Customers
Socure, the leading provider of digital identity verification and fraud solutions, announced that it has achieved record financial results, reflecting the continued momentum of its industry-leading digital identity verification and fraud solutions. Socure achieved 126% year-over-year recurring revenue growth in the second quarter marking the third consecutive quarter of record growth. High demand drove the impressive results with bookings accelerating nearly 220% compared to the first half of last year, marking the third consecutive quarter of accelerating growth. The company continues to achieve record results as Socure ID+ has emerged as the preferred identity verification platform for the largest enterprises and is trusted by 4 of the 5 largest banks, 7 of the 10 largest credit card issuers, top Buy Now, Pay Later (BNPL) providers, top crypto exchanges, and the largest online gaming operators.
Marketing Technology News: Nielsen and Meredith Corporation Renew Multi-year Agreement for Local TV Audience Measurement
“We’re on the fastest growth trajectory Socure has ever seen and attribute that to our differentiation in the market by being able to more accurately and instantly verify the hardest-to-identify segments of the population, specifically Gen Z, millennials, thin-file, credit invisible, and new-to-country at incredible scale”
Socure surpassed the milestone of 500 enterprise customers as it experienced massive inbound interest from companies in financial services, fintech, crypto, telco, healthcare, online gaming operators, and state and federal governments looking to reduce fraud and gain the ability to fully automate more customer approvals, while reducing false positives and consumer friction.
Socure achieved a net retention rate of 177% driven by near-zero attrition and its enterprise customers increasingly deploying multiple Socure products across various divisions making Socure their complete KYC, document authentication, AML, and fraud prevention platform.
Socure’s success is being fueled by three major market drivers. First, the global pandemic has accelerated an already white hot digital commerce market with estimates predicting that U.S. consumers will spend more than $933B on e-commerce in 2021. In parallel, fraud attack patterns have evolved and identity theft is a growing problem in the United States. According to AiteNovarica research, in 2019, losses from identity theft cases were $502.5B and rapidly increased to $712.4B in 2020, a 42% increase year-over-year. Identity theft losses will continue due to the very high rate of unemployment identity theft during the pandemic. According to some estimates, unemployment fraud could easily reach $400B, with the bulk of the money likely ending up in the hands of foreign crime syndicates — making this not just theft, but a matter of national security. Finally, online businesses have their sights set on capturing members of the millennial generation and younger, the largest demographic of the nation’s population, with competition and complexity to acquire these consumers surging.
“We’re on the fastest growth trajectory Socure has ever seen and attribute that to our differentiation in the market by being able to more accurately and instantly verify the hardest-to-identify segments of the population, specifically Gen Z, millennials, thin-file, credit invisible, and new-to-country at incredible scale,” said Johnny Ayers, founder and CEO of Socure. “Everyday, hundreds of the largest and most influential companies online are using Socure’s technology to achieve the goal of creating equitable access for all individuals buying goods and services on the Internet, while protecting themselves and consumers against fraud. I’m extremely grateful to get to partner with such a world-class team that’s working to execute on such a critical societal need.”
Marketing Technology News: Quark.ai Announces $5M+ in Seed-Plus Funding
