Socure adds $35 million in bank-powered funding round

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Socure, which applies machine learning to spot identity fraud, has raised $35 million in a new funding round from venture capital funds and banks.

Citi Ventures, Wells Fargo Strategic Capital and MVB Financial Corp. participated in the funding round, which was led by Sorenson Ventures. Other participants included Commerce Ventures, Scale Venture Partners and Flint Capital, Socure said Tuesday.

Socure plans to use the funds to enhance its technology and expand products and capabilities to verify consumers’ identities in real time using hundreds of data sources, it said in a press release.

The latest round brings the New York-based company’s total funding to $96 million since December 2016.

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Venture funding Machine learning