Socure has been enhancing its machine learning capabilities and improving efforts to eliminate identity fraud through this investment round. The fundraising was spearheaded by Sorenson Ventures, with ongoing support from Commerce Ventures, Scale Venture Partners, and Flint Capital. Additionally, new strategic investors Citi Ventures, Wells Fargo Strategic Capital, and MVB Financial Corp. have also joined the funding effort.

According to Biometric Update, Socure has recently introduced a document verification module that includes biometric selfies with liveness detection features. This addition aims to assist financial institutions and other organizations in meeting stringent regulations while thwarting advanced fraud tactics.