Socure Achieves 783% Increase in Revenue Growth from 2017 to 2020 and is the Market Leader in the Identity Verification Industry
November 18, 2021 10:47 AM Eastern Standard Time
NEW YORK–(BUSINESS WIRE)–Socure, the leading provider of digital identity verification and fraud solutions, today announced it is the fastest-growing identity verification vendor on the Deloitte Technology Fast 500™ for the second year in a row, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America, now in its 27th year. Socure’s revenue grew 783% from 2017 to 2020 and is the highest-valued company in the identity verification industry.
“These companies are not only at the cutting edge, transforming the way we do business, but most importantly, recognize the strategic importance of ongoing innovation, especially in the ever-changing world of technology.”
Socure has emerged as the clear market leader, providing complete identity verification and fraud platform with the highest adoption across all industries as it distanced itself from the competition with a 500% year-over-year bookings increase, 221% year-over-year customer growth, and five consecutive quarters of record year-over-year revenue growth. Last quarter, Socure also achieved an industry-leading net retention rate of 179% driven by near-zero attrition as its enterprise customers increasingly deployed multiple Socure products across various divisions.
Socure is the identity verification and fraud platform of choice for enterprises across industries and is trusted by four of the five largest banks, seven of the 10 largest credit card issuers, top Buy Now, Pay Later (BNPL) providers, top crypto exchanges, top e-commerce marketplaces, telehealth providers, and the largest online gaming operators. Socure customers have deepened their relationship by becoming investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyager, and Synchrony. Other marquee customers include Chime, SoFi, Varo Money, Public, Stash, and DraftKings.
“Deloitte’s recognition of Socure as one of the fastest-growing companies is another indicator of our market leadership in the identity verification space,” said founder and CEO of Socure, Johnny Ayers. “Customer friction, false positives, and the lack of equitable inclusion are the biggest limiting factors in preventing financial institutions, government agencies, and digital organizations from growing rapidly and delivering a seamless customer experience. Socure enables its customers to verify the largest number of good consumers, increase the automation of the onboarding process, and also reduce fraud losses, which is why we have experienced massive business growth and wide adoption of our platform across so many different industries.”
“Each year the Technology Fast 500 shines a light on leading innovators in technology and this year is no exception,” said Paul Silverglate, vice-chair, Deloitte LLP, and U.S. technology sector leader. “In the face of innumerable challenges resulting from the pandemic, the best and brightest were able to pivot, reinvent and transform and grow. We celebrate the winning organizations and especially the talented employees driving their success.”
“The pandemic has underscored the urgent need for tech solutions in a variety of areas across health care, fintech, energy tech, entertainment, to name a few, so reliance on innovators like the winners of the Technology Fast 500 is more important than ever,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media, and telecommunications within Deloitte’s audit & assurance practice. “These companies are not only at the cutting edge, transforming the way we do business, but most importantly, recognize the strategic importance of ongoing innovation, especially in the ever-changing world of technology.”
About the 2021 Deloitte Technology Fast 500™
Now in its 27th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2017 to 2020.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States, and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
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 750 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, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 100 of the largest fintechs. Marquee customers include Chime, SoFi, Varo Money, Public, Stash, and DraftKings. Socure customers have become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyager, and Synchrony. Additional investors include Accel, funds, and accounts advised by T. Rowe Price Associates, Inc., Bain Capital Ventures, Tiger Global, Commerce Ventures, Flint Capital, Scale Venture Partners, Sorenson, Two Sigma Ventures, and others.
Socure has received numerous industry awards and accolades, including being named to the 2021 Forbes Cloud 100 List, Forbes’ Fintech 50 List 2021, and Forbes’ America’s Best Startup Employers 2021, being named to CB Insights: The Fintech 250 for the third year in a row, 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 awarded Finovate’s Award for Best Use of AI/ML, to name a few. Founder and CEO Johnny Ayers has also been recognized by Goldman Sachs as one of the 100 Most Intriguing Entrepreneurs of 2021.