US-based ID verification and fraud solutions provider Socure has acquired Berbix, an ID verification firm, for $70 million in cash and stock. This acquisition allows Socure to launch its advanced document verification solution, DocV 3.0, integrating Berbix’s technology and enhancing its product innovation roadmap.
Facts
- Socure, a US-based ID verification and fraud solutions provider, has acquired Berbix, an ID verification firm, for $70 million in cash and stock.
- Berbix, founded in 2018 by former Airbnb employees and based in San Francisco, offers a document verification solution with a patent-pending forensics engine capable of detecting AI-generated fake IDs that are visually indistinguishable to the human eye.
- Socure has integrated Berbix’s technology to launch its new predictive document verification solution, DocV 3.0, which surpasses market competitors in terms of speed, accuracy, user experience, and fraud reduction.
- DocV 3.0 combines Berbix’s forensics engine and data extraction capabilities with Socure’s front-end image capture app, providing an automated document verification experience and leveraging data for risk decisions on the individual associated with the physical credential.
- The acquisition of Berbix by Socure accelerates the former’s product innovation roadmap by over 18 months, expanding into new markets, use cases, and accelerating international expansion.
- Socure, founded in 2012 and headquartered in Nevada, claims to serve over 1,800 companies, including top banks, leading card issuers, and more than 400 large fintechs.
- In March, Socure secured a $95 million credit facility from JP Morgan, Silicon Valley Bank, and KeyBanc Capital Markets.
