Aug 27 (Reuters) - Identity verification startup Socure said on Thursday it had secured a strategic growth investment, which valued the company at $5.2 billion, and acquired agentic operations platform Fravity.
The investment comes as businesses seek advanced tools to counter increasingly sophisticated fraud and automate compliance work that is still largely performed manually.
Here are some details:
• The investment, which included primary funding and a secondary tender offer for employees, was led
by Summit Partners with participation from Goldman Sachs Alternatives, Wells Fargo, DocuSign and other investors.
• "Identity is the first perimeter for trust in an AI-driven economy across nearly every use case," said Andy Collins, a managing director at Summit Partners
• Socure did not disclose the amount raised or the financial terms of the Fravity acquisition.
• Fravity is an AI-powered platform that automates fraud, risk and compliance operations.
• The companies share several enterprise customers and their founding teams have worked together for more than a decade, Socure said.
• Founded in 2012, Socure serves more than 3,000 customers across over 190 countries in financial services, government, gaming, healthcare, telecom and e-commerce sectors.
• Socure plans to integrate Fravity's technology into its RiskOS platform, allowing customers to use AI agents to investigate alerts and manage fraud and compliance cases.
(Reporting by Pragyan Kalita in Bengaluru; Editing by Shreya Biswas)
