The company wants to use this line of credit to strengthen its financial position as it continues its ambition to be the sole solution provider to verify 100% of good identities in real-time and completely eliminate identity fraud on the internet.
As representatives see it, with this facility strengthening our balance sheet, Socure is able to leave the recession stronger than when they went into it while distancing from the competition through investments in new solutions, verticals, and strategic acquisitions.
They continued by noting that Socure is in a position to solve what organizations and government agencies need today — accurate and inclusive real-time identity verification without costly fraud and friction within the customer experience.
JP Morgan representatives said they are proud to support Socure as it continues to expand its identity verification capabilities across banks, fintechs, governments and enterprises. The company looks forward to continuing to share their industry expertise, treasury platform and global banking capabilities with players like Socure.
Socure’s predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from physical government-issued documents as well as email, phone, address, IP, device, velocity, date of birth, SSN, and the broader internet to verify identities in real time.
The company has more than 1,500 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, 13 of the top 15 card issuers, the top three MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 250 of the largest fintechs. Marquee customers include Chime, SoFi, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, State of California, and Florida's Homeowner Assistance Fund.
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