Santander InnoVentures has announced its strategic investment in Socure – a digital identity verification solutions provider. Socure uses data from the digital footprints of consumers to confirm the identity of consumers in real time.

Socure, headquartered in New York, is primarily used within financial institutions for activities such as the opening of new bank accounts or the issuing of new cards. The technology has also been used across fraud prevention and compliance, ensuring firms meet requirements of directives such as anti-money laundering regulations. Current clients include Kabbage and StashInvest, and partners Feedzai.

Mariano Belinky, managing partner at Santander InnoVentures, noted: “Identity verification is a crucial step in any banking process and is an issue challenging many consumer-facing businesses – there’s a huge opportunity for innovation in this space, in line with the evolution of digital identity and the issues around it, and we believe Socure are at the forefront of it. Socure also has enormous potential for tackling the issue of financial inclusion in emerging markets, where citizens may be excluded from the banking system simply because they lack traditional credit records used for identity verification.”

Sunil Madhu, founder and CEO of Socure, added: “With this latest funding announcement, we’re extremely excited to continue our work in tackling the issues associated with identity fraud, while continuing to improve access to the financial system for the un-banked and under-banked, whether in established economies or emerging markets.”

This marks the ninth investment from Santander InnoVentures since its inception in 2014.

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