Socure secures investment at $5.2 billion valuation, buys Fravity

Aug 27 (Reuters) - Identity ‌verification startup ​Socure ​said on Thursday it had secured a strategic growth investment, which valued the company ‌at $5.2 billion, and acquired agentic operations platform Fravity.

The ⁠investment comes as businesses seek advanced tools to counter increasingly ‌sophisticated fraud and automate ‌compliance work that is still largely performed manually.

Here are some details:

• The investment, which included primary ​funding and a secondary tender offer for employees, was led by Summit Partners with participation from ⁠Goldman Sachs Alternatives, Wells Fargo, DocuSign and other investors.

• "Identity is the first ​perimeter for trust in an AI-driven economy across nearly every use case," said Andy ​Collins, a managing director at ‌Summit Partners

• Socure did not disclose the amount raised or the financial terms ⁠of the Fravity acquisition.

• Fravity is an AI-powered platform that automates fraud, risk and compliance operations.

• The companies share ⁠several enterprise customers and their founding teams have worked together ​for more than a decade, Socure said.

• Founded in 2012, Socure serves more than 3,000 customers across over 190 countries ‌in financial services, government, gaming, healthcare, telecom and e-commerce sectors.

• Socure plans to ‌integrate Fravity's technology into its RiskOS platform, allowing customers ⁠to use AI ‌agents to investigate alerts ​and manage fraud and compliance cases.

(Reporting by Pragyan Kalita in Bengaluru; Editing by Shreya ‌Biswas)

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