Identity verification company Socure secured $156 million in strategic growth funding, valuing the firm at $5.2 billion. The Incline Village, Nevada-based company also acquired Austin-based AI startup Fravity to automate financial crime investigations. Summit Partners led the round, which included participation from Goldman Sachs Alternatives, Wells Fargo, and DocuSign.

With this investment, Socure has raised over $742 million in disclosed funding since its 2012 inception. The company reported $364 million in annual recurring revenue, a 63% increase year-over-year, and added 95 new customers, including Circle and Login.gov, while claiming profitability. Socure's platform utilizes AI and machine learning to verify identities for banks and fintechs.

The acquisition of Fravity integrates agentic AI into Socure's Risk OS platform as Risk OS_Agents, initially focusing on watchlist screening and know-your-business checks. Fravity's technology has reportedly reduced case costs by 80%, sped up resolution fivefold, and cut false positives by 70%. This move positions Socure in the $71.1 billion financial crime investigation market, addressing the growing strain on banks where 53% of staff spend at least an hour reviewing each alert.

Socure co-founder and CEO Johnny Ayers stated AI creates both opportunity and problem, noting an 8,000% increase in AI-driven fraud last year. The company serves over 3,000 enterprise customers, including 19 of the 20 largest U.S. banks and major players like Capital One, Citi, and Revolut.