FinTech Global recognizes Socure’s identity verification technology leadership in utilizing advanced AI and ML to deliver unmatched auto-approval rates and accuracy
NEW YORK–(BUSINESS WIRE)–#dataprotection—Socure, the leading provider of digital identity verification and fraud solutions, today announced that FinTech Global has named the company as one of the world’s most innovative AI solution providers on its inaugural AIFinTech100 list for 2021. The list identifies the top 100 companies developing AI applications in financial services that every financial institution needs to know about as they develop their digital transformation strategies.
“The ability to facilitate frictionless onboarding of customers using AI is more important than ever, given the rapid digital acceleration and scale spurred by the pandemic,” said founder and CEO of Socure, Johnny Ayers. “Socure’s identity verification and fraud solution delivers an auto-approval rate of up to 98% for mainstream populations, and up to 94% for the hard-to-identify populations such as Gen Z, millennial, credit invisible, thin-file, gender neutral, and new-to-country. Our identity resolution ML engine analyzes over eight billion records and more than 530 million good and bad identities to achieve the industry’s most accurate and equitable view of identity possible.”
The standout companies were chosen by a panel of industry experts and analysts who reviewed a study of over 1,000 fintech companies undertaken by FinTech Global. The solution providers making the final list were recognized for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the financial services value chain.
FinTech Global director Richard Sachar said, “Now, more than ever, established financial institutions need to be aware of the latest AI and data analytics technology innovations in the market to ensure they deliver competitive financial products and reach new customers.”
“The AIFinTech100 list helps senior management filter through all the solution providers in the market by highlighting the most innovative artificial intelligence companies in areas such as Insurance, Banking, Investment & Trading, Lending, Customer Experience, Compliance, and Fraud Prevention,” he added.
Socure recently announced record financial results – achieving 126% annual recurring revenue growth, booking growth of 285% in the second quarter of 2021 as compared to the same quarter of 2020, and a net retention rate of 177% driven by near-zero attrition. In 2020, Socure was also named to FinTech Global’s RegTech 100 List, which recognizes the world’s top 100 most innovative RegTech companies shaping the future of the compliance, risk management, and cybersecurity industries.
The full AIFinTech100 2021 list is published online at www.AIFinTech100.com.
About FinTech Global
FinTech Global offers the most comprehensive data, the most valuable insights and the most powerful analytical tools available for the global FinTech industry. FinTech Global works with market leaders in the FinTech industry – investors, advisors, innovative companies and financial institutions – and enables them to get the essential intelligence they need to make superior business decisions.
Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time. The company has more than 600 customers across the financial services, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, top crypto exchanges, top Buy Now, Pay Later providers, the largest online gaming operators, and over 150 of the largest fintechs. Marquee customers include Chime, Varo Money, Public, Stash, and DraftKings. Investors include Accel, Commerce Ventures, Scale Venture Partners, Flint Capital, Capital One Ventures, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, Two Sigma Ventures, and others.
Socure has received numerous industry awards and accolades, including being named to 2021 Forbes Cloud 100 List, Forbes’ Fintech 50 List 2021, Forbes’ America’s Best Startup Employers 2021, being awarded Best New Technology Introduced Over the Last 12 Months—Data and Data Services at the 2020 American Financial Technology Awards (AFTAs), being ranked number 70 in Deloitte’s Technology Fast 500™, being listed as a Gartner Cool Vendor, being recognized by Forbes as one of the Top 25 Machine Learning Startups to Watch, being named to CB Insights: The Fintech 250, and being awarded Finovate’s Award for Best Use of AI/ML, to name a few.