Ncontracts Acquires Quantivate for Undisclosed Amount

Ncontracts Acquires Quantivate for Undisclosed Amount

Risk management and compliance solutions provider Ncontracts has acquired Quantivate this week. Financial terms of the deal were not disclosed.

Quantivate, which provides governance, risk, and compliance (GRC) solutions for banks and credit unions, was founded in 2005. Quantivate’s flagship offering is its Business Continuity Software. Today, the company has a suite of governance, risk, and compliance management solutions, including ERM Intelligence, Compliance, Operational Resilience, IT Risk, Procurement, Audit, and more.

“Quantivate has always believed in the power of innovative technology and exceptional people to help banks and credit unions thrive,” said Quantivate Founder and CEO Andy Vanderhoff. “Ncontracts shares this mission, and I’m excited to watch as the strength and experience of our united teams take risk management solutions to the next level.”

With today’s acquisition, Ncontracts aims to position it as a software-as-a-service (SaaS) and knowledge-as-a-service (KaaS) leader. Quantivate’s GRC solutions and broader suite covering areas like ERM Intelligence, Compliance, IT Risk, and more, strengthen Ncontracts’ portfolio by enhancing its capabilities in addressing the complex needs of financial institutions.

This acquisition not only expands Ncontracts’ workforce to 350 employees and customer base to 4,000 financial services companies, but it also emphasizes the industry’s increasing reliance on sophisticated risk management solutions.

Ncontracts was founded in 2009 and specializes in risk, vendor, and compliance management software for financial services companies. The company currently serves more than 4,000 financial services organizations, including Tinker Federal Credit Union, Columbia Bank, Security Bank of Kansas City, and more. Earlier this fall, Ncontracts teamed up with fellow Finovate alum True Digital to enhance banks’ vendor data.

Ncontracts most recently demoed at FinovateFall 2022 where the company debuted Nrisk, an online risk management solution that strengthens compliance controls in real time. Tools like these are especially imperative to financial services firms in today’s regulatory environment in which regulators have increased their scrutiny of enterprise risk management practices.

“We are thrilled to join forces with Quantivate,” said Ncontracts founder and CEO Michael Berman. “We are both mutually committed to helping financial institutions reduce risk, improve compliance, and control costs, so combining our resources empowers us to be an even better provider of software and services for our customers and the financial industry.”

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YieldStreet Pads Alternative Investment Offerings with Cadre Acquisition

YieldStreet Pads Alternative Investment Offerings with Cadre Acquisition
  • YieldStreet has agreed to acquire Cadre. Financial terms of the deal were not disclosed.
  • Cadre CEO Ryan Williams will lead YieldStreet’s new division focused on building an institutional audience.
  • When the acquisition is finalized, YieldStreet will hold an investment value of more than $9.7 billion and will serve more than 500,000 investors.

Alternative investments platform YieldStreet made its third acquisition today. The New York-based company announced it has picked up real estate investment platform Cadre for an undisclosed amount.

When combined with Cadre, YieldStreet will hold an investment value of more than $9.7 billion and will serve more than 500,000 investors across eight institutional and retail distribution channels. Across the two companies’ platforms, investors have allocated $5.3 billion and have received $3.1 billion in returns to date.

Founded in 2015, YieldStreet offers an alternative investment platform that provides access to a wide range of asset classes– including art, real estate, legal, corporates, consumer, and commercial– via single investments or funds. The company also offers short-term notes on offerings with terms between 3 and 6 months.

Cadre is headquartered in New York and offers its investors fractional commercial real estate investment opportunities, as well as access to funds comprised of multiple commercial real estate holdings. The company was founded in 2014 and had raised $133 million.

“After nearly a decade of building a top-tier real estate investment platform that has generated compelling returns for institutional investors, we are incredibly proud to take the next step in our journey to broaden access to institutional real estate and other alternative asset classes alongside Yieldstreet,” said Cadre Founder and CEO Ryan Williams. “Together with Yieldstreet, we look forward to helping expand institutional distribution and broadening its offering of institutional-caliber products and innovative solutions that reduce friction for investors in private markets.”

Logistically, Ryan Williams will remain CEO of Cadre and will take on a new role as Yieldstreet’s Global Head of Institutional Partnerships & Clients, where he will lead YieldStreet’s new division focused on building an institutional audience. Cadre investor and advisor Mike Fascitelli will serve as the Global Chairman of Real Estate and Head of Cadre’s Investment Committee. The rest of the Cadre team, including Chief Investment Officer Dan Rosenbloom, will also join YieldStreet.

“We will continue to pursue strategic opportunities to increase revenue, enhance profitability, drive operating synergies, and unlock new channels for distribution or exceptional technology,” said YieldStreet CEO Michael Weisz. “Expanding complementary distribution channels and markets beyond the U.S., investment portfolios and capabilities with Cadre is just the beginning. We are thrilled to welcome Cadre to the Yieldstreet family.”

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Crastorehill Acquires Open Banking Players Qwist and ndgit

Crastorehill Acquires Open Banking Players Qwist and ndgit
  • Crastorehill is acquiring two Germany-based open banking players, ndgit and Qwist.
  • Terms of the deal were not disclosed.
  • Crastorehill has appointed Matt Colebourne as CEO.

Fintech Capital-owned Crastorehill announced this week it has acquired two German open banking players, ndgit and Qwist (formerly known as finleap). Financial terms of the deal were not disclosed.

Warsaw-based Crastorehill builds data analytics products for financial services. The company’s strategy hinges on acquiring other open banking providers to help enhance its product suite, geographical coverage, as well as its big data and artificial intelligence capabilities.

Crastorehill is making the acquisition in anticipation of the European Union’s pending PSD3 regulation. PSD3 is an advancement of PSD2 and is expected to accelerate the proliferation of open banking based products.

As part of today’s announcement, Crastorehill unveiled it has appointed Matt Colebourne as CEO. Colebourne is Chair of ecommerce technology company Visii and former CEO of Searchmetrics.

“Open standards, in almost any technological or regulated area, create the opportunity to solve previously insoluble problems, to do things faster, more easily and more cheaply,” said Colebourne. “Much as the internet ushered in a previously inconceivable plethora of new ways to interact, transact and research, the rise of open banking will enable new ways to assess risk, verify identity, understand macro-economic behaviour and enable faster, easier interaction for consumers. I’m excited to join Crastorehill at a time when we have the opportunity to lead this transformation and grow.”

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More PFM Shakeup: Status Money Shuts its Doors

More PFM Shakeup: Status Money Shuts its Doors
  • Peer comparison PFM Status Money is shutting down and has transferred its users to Quicken Simplifi.
  • Starting November 10, the Status Money website and app will no longer be available.
  • Status Money’s closing comes a week after Mint announced it will close its doors at the end of the year.

While many in the fintech industry are still processing Mint’s departure from the fintech scene, there appears to be more shakeup in the PFM world this morning. Budgeting service and social personal finance app Status Money has notified its users that it is shutting down.

“As part of our ongoing commitment to providing you with the tools you need to get ahead financially, we will be transitioning our member accounts, including yours, over to Quicken Simplifi,” the company said in an announcement on its website.

Status Money was founded in 2016 to help users aggregate, track, and manage their entire financial lives and compare their financial standing with their peers. This peer comparison capability stood out as Status Money’s differentiating factor. The feature allowed users to compare their spending in specific categories to others by age, zip code, and income level.

The New York-based company’s other tools allowed users to set goals and participate in discussions with other users. In 2020, the company launched a $20 per month premium tier that allowed users to chat with a financial advisor on a monthly basis.

Starting November 10, however, the Status Money website and app will no longer be available, but users will be able to use their existing credentials to log into Quicken’s Simplifi budgeting tool, which costs around $3 per month. Status Money has transferred each user’s personal information and data associated with their account to Quicken. The Status Money Rewards program, which paid users in cash and Bitcoin for referrals and for engaging in product recommendations, is no longer available.

Status Money, which demoed at FinovateSpring 2019, hasn’t released much more information regarding the transition. There is currently no word on whether Quicken acquired the entire company or just its users, nor has Status Money disclosed transaction details.

One thing is clear, however. This appears to be yet another nail in the coffin of PFM. In his recent piece in Forbes titled The Demise of Intuit Mint and Personal Financial Management, Cornerstone Advisor’s Ron Shevlin goes into detail of why PFM is a dying fintech subsector. He notes that consumers are looking for more than just tracking, but are instead drawn toward tools such as those that help them optimize the return on their savings, save money, and mitigate monthly bills.

As someone who still uses an offline Excel spreadsheet to budget each month, I would argue that there may still be a market for simple PFM tools. However, the consumer-facing fintech market is crowded. In order to survive, standalone PFM companies may fare better with a B2B approach by embedding their tracking tools within larger fintechs or financial services organizations. This meets the consumer where they are already are instead of imposing an additional app to keep track of.

Photo by Tima Miroshnichenko

Flywheel Sells to Omnicom for $835 Million

Flywheel Sells to Omnicom for $835 Million
  • Digital commerce solutions provider Flywheel is being acquired by marketing and advertising company Omnicom.
  • The deal is expected to close for $835 million in the first quarter of next year.
  • Omnicom plans to integrate Flywheel’s Commerce Cloud product and transaction data into its audience and behavioral data.

Digital commerce solutions provider Flywheel has agreed to be acquired by marketing and advertising company Omnicom for $835 million. The deal is set to close in the first quarter of next year.

Owned by data and e-commerce optimization company Ascential, Flywheel was founded in 2014 and offers a suite of tools to help companies grow their digital commerce operations by selling more efficiently on marketplaces such as Amazon, Walmart, and Alibaba. Among the tools in the Flywheel Commerce Cloud are AI-powered content recommendations, automated fee recovery, retail performance analytics, and more.

Switzerland-based Omnicom offers services for advertising, strategic media planning and buying, precision marketing, commerce and branding, customer relationship marketing, public relations, healthcare marketing, and other sectors. The company has more than 5,000 clients spread across 70+ countries.

“The acquisition of Flywheel significantly broadens our reach and influence in the rapidly expanding digital commerce and retail media sectors, two of the fastest-growing parts of the industry,” said Omnicom Chairman and CEO John Wren. “Together, we will seamlessly integrate our offerings across retail and brand media, digital and in-store commerce, and CRM, ultimately delivering superior results for our clients.”

With 4,500 brands as customers, Flywheel and its Commerce Cloud manage “tens of billions”of dollars in product sales and “billions” of dollars in advertising spend on an annual basis across digital marketplaces. Once the acquisition is complete, Flywheel Commerce Cloud’s product and transaction data will be connected to Omnicom’s audience and behavioral data. Logistically, Flywheel will serve as what Omnicom is calling a “Practice Area.” Ascential CEO Duncan Painter will lead the newly created division.

Today’s deal is an example of how data-driven decision making has infiltrated the world of retail and ecommerce. Banks and fintechs can take note: leveraging data-driven insights is becoming tablestakes across multiple sectors, and is something consumers are growing to expect.

Photo by Jeremy Perkins

Insurtech Getsafe Acquires Rival Luko’s German Clients

Insurtech Getsafe Acquires Rival Luko’s German Clients
  • Getsafe acquired Luko Insurance’s Germany-based customers.
  • The acquisition includes 50,000 policies and boosts Getsafe’s total client roster to 550,000 customers.
  • Financial terms of the deal were not disclosed.

Germany-based Getsafe announced this week it has acquired Luko Insurance’s German customer base, which includes 50,000 policies. Terms of the deal, which was approved by the German Federal Financial Supervisory Authority (BaFin) in late September, were not disclosed.

Adding Luko’s clients to its own roster, Getsafe now counts 550,000 customers across Germany, the U.K., France, and Austria. Integrating Luko’s clients, which was, as Getsafe CEO and founder explained was “as easy for us as launching a new product,” bolsters Getsafe’s European portfolio.

“Traditional insurance is broken for digitally savvy customers. They would never step into a broker’s office,” said Getsafe CEO and founder Christian Wiens. “We aim to become the go-to platform for 100 million young Europeans who will spend €300 billion on insurance in the next decade.”

Getsafe’s direct-to-consumer (DTC) model, which targets Europeans between 20 to 40 years old, offers liability, legal, drone, contents, health, dental, dog liability, pet health, private pension, and income protection insurance, as well as a children’s savings plan. This DTC model has proven compelling to users. Of the company’s customers, 35% use the app every month, an engagement rate that has resulted in strong growth. In fact, since Getsafe was founded in 2015, the company has doubled its revenue per customer every year.

“By eliminating intermediaries such as brokers and agents, we achieve much higher customer satisfaction scores than the industry average,” Wiens explained. “Additionally, our direct-to-consumer business runs with higher margins and is already operating profitably in our core markets.”

The deal comes four months after France-based Luko was bought by insurance giant Admiral Group, which acquired all but Luko’s German or Spanish operations.

Photo by Vojtech Okenka

Digital Banking Software Provider ieDigital Acquires U.S.-Based Connect FSS

Digital Banking Software Provider ieDigital Acquires U.S.-Based Connect FSS
  • ieDigital, a digital banking software company based in the U.K., has acquired U.S.-based digital banking technology company Connect FSS.
  • Terms of the deal were not immediately available.
  • ieDigital made its Finovate debut at FinovateFall in 2018.

U.K.-based digital banking software company ieDigital announced a major acquisition this week. The firm will acquire its U.S.-based counterpart, digital banking technology company, Connect FSS. Terms of the transaction were not immediately available, but the deal will make ieDigital one of the biggest digital banking software providers in the world.

The acquisition comes at the end of ieDigital’s multi-month search for a business partner that would help the company meet its growth goals, especially with regard to increasing ieDigital’s international reach. The company noted in a statement that the acquisition will bring greater scale and more resources to bear on the challenges facing business customers. The acquisition will also help accelerate innovation as teams from both companies begin to collaborate and work together to design and market new, enhanced digital solutions.

“Joining forces with Connect FSS will enable us to support a broader range of customers in different geographies that we wouldn’t have otherwise been able to reach, and strengthen our technology with insight from our new colleagues in the U.S.,” ieDigital CEO Jerry Young said. Connect FSS President and CEO Grant Parry added that the partnership with a “natural next step” in Connect FSS’s evolution. “Our joint ambition is to provide excellent customer service and tailored solutions to clients,” Parry said.

For now, both ieDigital and Connect FSS will retain their brand identities in their respective markets. The firms will sit as part of a new ieDigital Group in which ieDigital’s Young will serve as CEO while Connect FSS’s Parry will serve as EVP of Strategy.

Founded in 1984, ieDigital made its Finovate debut at FinovateFall 2018. At the conference, the company demoed its Money Fitness solution which helps users better manage their day-to-day finances. In the years since, the company has grown into a major fintech in the U.K. financial services ecosystem. ieDigital has partnered with four of the five largest banks in the U.K., and has provided digital software solutions to more than 50 financial services businesses.

This spring, ieDigital announced that Suffolk Building Society has chosen the company as its partner for its eSavings platform. The offering will give Society members access to online savings products and will be powered by ieDigital’s Interact software. Interact is a suite of digital services that work in concert with a financial services provider’s existing technology.

Photo by Yelena Odintsova

Customer Experience Specialist Inbenta Acquires Digital Adoption Platform Horizn

Customer Experience Specialist Inbenta Acquires Digital Adoption Platform Horizn
  • AI-powered customer experience specialist Inbenta has acquired digital adoption platform Horizn.
  • Inbenta will integrate Horizn’s embeddable interactive product demos into its platform.
  • Horizn has won Finovate’s Best of Show award five times, most recently at FinovateFall last September.

AI-powered customer experience platform Inbenta has acquired digital adoption platform Horizn. Terms of the transaction were not disclosed.

Inbenta CEO Melissa Solis referred to the acquisition as part of the company’s commitment to helping businesses lower customer service costs, grow sales, and enhance the customer experience in general. Inbenta’s platform leverages natural language processing, neuro-symbolic AI, and Generative AI across four digital communications modules – Chatbot, Knowledge, Search, and Messenger. These modules enable the platform to deliver comprehensive, configurable solutions for businesses in verticals from financial services and ecommerce to telecom and utilities.

The integration of Horizn’s technology, in particular the company’s embeddable interactive product demos, will enhance Inbenta’s platform in a number of ways. In addition to making employee training more effective and further enhancing the customer experience, the integration will also help reduce agent escalation. Horizn’s technology has reduced agent escalations in favor of self-service in 80% of cases.

“Everyone knows how helpful and time-saving a tutorial can be when presented in an easy to understand, visual format,” Solis said. “At Inbenta, customer experience is at the center of everything we do – it was only natural that product demo capabilities should be included within our customer experience platform.”

Founded in 2012, Horizn has partnered with more than 40 financial institutions around the world. This includes some of the largest banks like Wells Fargo and RBC, as well as regional and community banks. A Finovate alum since 2017, Horizn has won Best of Show on five different occasions. The Toronto, Canada-based company most recently took home top honors with its demo at FinovateFall last September.

“By acquiring Horizn, Inbenta has expanded the number of customer experience touchpoints that it can offer, setting itself apart from the industry’s text-reliant majority,” Horizn co-founder and CEO Janice Diner said. “The entire Horizn team is excited about this next stage of impact and innovation and looks forward to integrating itself into Inbenta’s leading customer experience platform.”

Post-acquisition, Diner will take a new position as Inbenta’s Head of Marketing.

Photo by Scott Webb

Upgrade Acquires Uplift for $100 Million

Upgrade Acquires Uplift for $100 Million
  • Upgrade is acquiring travel-focused BNPL company Uplift for $100 million.
  • The company will use the purchase to build on its existing BNPL offerings.
  • Uplift had raised $700 million and was reportedly valued at $195 million during its 2019 Series C round.

Alternative credit provider and digital bank Upgrade made its first acquisition today. The seven year old fintech announced it has purchased buy now, pay later (BNPL) company Uplift for $100 million.

Uplift was founded in 2014 to serve as a BNPL option for U.S. and Canadian consumers at the point-of-sale when booking travel experiences at 300 major travel brands ranging from airlines to cruise companies to resorts. By selecting Uplift at the point-of-sale when booking their travel online, the company’s 3.3 million users can spread the cost of their purchase across multiple months and repay in fixed installments.

Upgrade offers personal loans and digital banking tools including credit cards, checking accounts, and savings accounts. While it doesn’t offer any BNPL tools, the company says its credit cards “combine the flexibility of a credit card with the predictability of a personal loan.”

Upgrade will use today’s acquisition to build its presence in the BNPL space. The company states that travel financing fits within its strategy of making credit available at the point of sale to finance “meaningful expenses.” Upgrade currently focuses on helping its users finance practical expenses such as buying a car or making home improvements, and –with Uplift’s expertise– will be able to enter the travel vertical, as well.

As Upgrade Cofounder and CEO Renaud Laplanche explained, “The Uplift team has established the company as the leading BNPL provider in the travel industry, and we look forward to combining forces to make travel more accessible and affordable for millions of consumers, and over time implement similar solutions in adjacent parts of our customers’ lives.”

Prior to today’s acquisition, Uplift had raised $700 million in combined debt and equity and was reportedly valued at $195 million during its 2019 Series C round.

Headquartered in California with an operations center in Arizona and a technology center in Canada, Upgrade is partnered with Cross River Bank and Blue Ridge Bank for credit lines and banking services, NYDIG for Bitcoin rewards, and Sutton Bank for card issuance. The company has delivered $24 billion in credit via its cards and loans since 2017.

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FIS Sells Majority Stake in Worldpay to Private Equity Firm GTCR

FIS Sells Majority Stake in Worldpay to Private Equity Firm GTCR
  • Fintech giant FIS announced that it will sell a majority stake in Worldpay to private equity firm GTCR.
  • The move comes just over four years after FIS acquired Worldpay in a deal valued at $43 billion.
  • The transaction is the largest to date for GTCR and the biggest leveraged buyout of 2023.

Four years after acquiring payments company Worldpay, fintech titan FIS has announced plans to sell a majority stake in the firm. Private equity company GTCR is the purchaser, and will gain 55% of Worldpay, which is currently valued at $18.5 billion. Note that when FIS acquired the company in 2019, Worldpay was valued at $43 billion.

The sale is expected to close by the first quarter of 2023. Former Worldpay CEO Charles Drucker will be re-appointed as Chief Executive.

The transaction is the largest to date for the PE firm. The deal is also the largest leveraged buyout of the year. GTCR will finance half of the transaction with equity financing and the other half via borrowed capital. GTCR also has committed to an additional investment of as much as $1.25 billion in Worldpay to facilitate future acquisitions. According to Reuters, GTCR was able to outbid Advent International, a rival firm that was also interested in a major stake in Worldpay.

FIS will use the capital raised from the sale to retire debt and buy back shares from its current shareholders. The sale comes after months of strategic review and pressure from activist investors concerned with what they have referred to as “underinvestment,” “operational missteps,” and an overall “unsuccessful integration” of Worldpay into FIS. The acquisition will help Worldpay reduce its debt from $20 billion at the end of March to $10 billion when the deal closes next year. The strategic review, led by FIS CEO Stephanie Ferris, is designed to help the firm cut costs by $1.25 billion.

Sans Worldpay, FIS will continue to operate its core processing systems business for banks and FIs, as well as its capital markets division for investment firms. FIS’ capital markets business represents just under 25% of the company’s revenues. The company’s banking technology division provides 46% of revenues and its merchants business accounts representing approximately 30%.

Founded in 1968, FIS has been a Finovate alum since 2010. Worldpay is an alum of our developers conference, presenting its technology to FinDEVr audiences in 2015 and again in 2016.

Photo by Karolina Grabowska

Visa Acquires Pismo to Become Core Banking Provider

Visa Acquires Pismo to Become Core Banking Provider
  • Visa is acquiring Brazil-based Pismo for $1 billion in an all-cash deal.
  • The purchase will help Visa add core banking capabilities and support banks in connecting to emerging payment rails.
  • Pismo has raised $118 million.

Visa is doubling down on financial infrastructure with its latest acquisition. The company announced today it has purchased payments infrastructure platform Pismo for $1 billion. The all-cash deal is expected to close by the end of this year.

Brazil-based Pismo was founded in 2016 and offers its core banking, payments, and lending solutions across Latin America, Asia Pacific, and Europe. The company has seen an impressive amount of growth since 2020. In total, the company services almost 80 million accounts and 40+ million payment cards for its end customers. Annually, Pismo processes around 50 billion API calls for transactions totaling $40 billion. Among its clients are Citi, Itaú, Revolut, N26, Nubank, and Cora. Prior to today’s acquisition, Pismo had raised $118 million.

Visa anticipates Pismo will help it in providing core banking and issuer processing capabilities across debit, prepaid, credit and commercial cards via cloud native APIs. Visa will also be able to leverage Pismo’s platform to provide banks support and connectivity to emerging payment rails.

“Through the acquisition of Pismo, Visa can better serve our financial institution and fintech clients with more differentiated core banking and issuer solutions they can offer their customers,” said Visa Chief Product and Strategy Officer Jack Forestell.

The Pismo deal marks Visa’s first acquisition in two years. Prior to today’s announcement, Pismo’s most recent acquisitions took place in 2021, when the company bought Currencycloud for $883 million (£700 million) and Tink for $2.15 billion (£1.8 billion).

Socure Makes $70 Million Acquisition

Socure Makes $70 Million Acquisition
  • Socure is acquiring automated identity verification solution provider Berbix for $70 million.
  • Socure has used Berbix’s technology to launch its Predictive Document Verification (DocV) 3.0 solution.
  • The new acquisition will also help Socure accelerate its international expansion.

Digital identity verification company Socure has acquired automated identity verification solution Berbix for $70 million. The deal marks the first-ever acquisition for Nevada-based Socure.

Founded in 2018, Berbix launched a document verification solution with a forensics engine that detects spoofed IDs – including AI-generated fake IDs. Socure will leverage this technology to accelerate its international expansion by providing global coverage of ICAO-compliant travel documents, passports, and national ID cards. 

“I’m extremely proud of what we built at Berbix to advance state-of-the-art document verification,” said Berbix CEO and co-founder Eric Levine. “Moving forward with Socure, we are able to multiply our impact on day one by leveraging our technology with Socure’s substantial customer base, reach, and reputation. Combining our independent investments in document verification is yielding stunning results – and we’re just getting started.”

Socure has already integrated Berbix’s technology into its own to launch its Predictive Document Verification (DocV) 3.0 solution. The new tool combines Berbix’s forensics engine and data extraction with Socure’s image capture app. The company has found that DocV 3.0 has been able to increase first-attempt auto approvals of good consumers by 26% and increase fraudulent document capture by 27%.

While DocV 3.0 is used within Socure’s integrated identity platform, it is also available as a standalone solution.

“DocV 3.0 represents a significant departure from legacy providers whose document verification models rely on simple template checks and rules to determine if a document is legitimate,” said Socure Founder and CEO Johnny Ayers. “Without running sophisticated fraud models on related personally identifiable information (PII), or pairing the documentary check with rich device, phone ownership, geolocation, and behavioral data, customers see far less accurate decisions, resulting in higher fraud and lower customer acceptance. This prohibits companies from using document verification solutions for high-risk onboarding, authentication, or transactions. It’s a real gap in how ID document verification can be used.”

Socure has more than 1,800+ customers across a range of industries. The company serves four of the top five banks, 13 of the top 15 card issuers, over 400 of the largest fintechs, and more. Among Socure’s customers are Chime, SoFi, Robinhood, Gusto, Poshmark, and the State of California. Since it was founded in 2012, the company has raised $742 million from the likes of Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, Synchrony, and others.

Photo by Jeswin Thomas