- Socure to acquire automated identity verification solution provider Berbix for $70 million.
- Socure uses Berbix technology to Predictive Document Verification (DocV) 3.0 Solved.
- The new acquisition will also help accelerate Socure’s international expansion.
digital identity verification company socure acquired automated identity verification solution Berbix for $70 million. The deal marks the first acquisition for Nevada-based Socure.
Founded in 2018, Berbix launched a document verification solution with a forensic engine that detects spoofed identities, including fake identities generated by AI. Socure will leverage this technology to accelerate its international expansion with worldwide coverage for ICAO-compliant travel documents, passports and national ID cards.
“We are extremely proud of what we have built with Berbix to drive state-of-the-art document verification,” said Eric Levine, CEO and co-founder of Berbix. “By partnering with Socure, we will be able to double our impact from day one by leveraging our technology and Socure’s extensive customer base, reach and reputation. Our combined investments have yielded amazing results, but we are just getting started.”
Socure has already integrated Berbix’s technology into its own, Predictive Document Verification (DocV) 3.0 Solved. The new tool combines Berbix’s forensics engine and data extraction with Socure’s image capture app. The company found that DocV 3.0 resulted in a 26% increase in first-attempt auto-approvals for good consumers and a 27% increase in fraudulent document captures.
DocV 3.0 is used within Socure’s unified identity platform, but is also available as a standalone solution.
“DocV 3.0 represents a significant departure from traditional providers whose document validation models rely on simple template checks and rules to determine if a document is legitimate,” said Socure founder and CEO. Johnny Ayers said. “Customers decide not to run sophisticated fraud models on relevant personally identifiable information (PII) or combine document screening with rich device, mobile phone ownership, geolocation, and behavioral data. Accuracy is much lower, resulting in more fraud and lower customer acceptance, which discourages companies from using document verification solutions for high-risk onboarding, authentication, or transactions. This is a huge gap in how we can leverage identity verification.”
Socure has over 1,800 customers across various industries. The company serves 4 of the top 5 banks, 13 of the top 15 card issuers, over 400 of the largest fintech companies, and more. Chime is one of Socure’s customers. SoFiRobin Hood, Gust, Poshmark, CA. Since its founding in 2012, the company has raised $742 million from Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, Synchrony and others.
Photo credit: Jesswin Thomas
