Online identity verification startup Socure Inc. has raised $13.9 million to expand its digital identity system.

Founded in 2012, Socure offers an online identity verification platform that uses predictive analytics, artificial intelligence and machine learning techniques. The company tracks online and offline data, including email, phone, address, IP, social media and broader Internet information to confirm and authenticate identities in real time.

Socure says it “powers financial inclusion” by increasing identity acceptance by as much as 40 percent for millennials and others with thin identity files. In the United States, the company claims, its platform helps customers reduce fraud by up to 80 percent and reduce manual review costs as much as 90 percent.

The company’s unnamed customers include a top-five U.S. bank, a top-five global money transfer provider, a top-10 U.S. card issuer and range of digital banks, lenders and insurers.

Socure isn’t shy it expanding its horizons through partnerships, having previously teamed with fraud protection startup Feedzai, Inc. to offer a joint plug-and-play fraud protection solution for financial institutions that combines features from both companies.

“Security and fraud prevention continue to remain key issues in the financial services industry,” the company said in an statement. “In an age where breaches are not uncommon, the more traditional approaches to digital identity verification are not helping the market meet growth goals.”

The Series B round was led by Commerce Ventures and included Flint Capital, Work-Bench, Santander InnoVentures and Two Sigma Ventures. Including the new funding, Socure has raised $27.5 million to date.

The company said it would use the new funding to scale sales and support operations, build out its infrastructure and drive market expansion.

Photo: U.S. Airforce/public domain