Santander InnoVentures invests in digital identity verification firm Socure

Rage Review : Santander InnoVentures (Santander Group's $100 million fintech venture capital fund) announced an investment in Socure, an industry leader focused on real-time digital identity authentication solutions. Socure ID+ technology will go beyond traditional identity authentication methods, bring new possibilities to untapped markets, and better predict user needs. Víctor Matarranz, senior executive vice president of Santander Bank, believes that the cooperation between fintech companies and banks can effectively accelerate digital reform and improve people's lives. This is the ninth investment of the Santander Group since its founding in 2014. Other recent investments include digital wealth advisor platform SigFig and blockchain intelligence company Elliptic.

Translation: Nicole

Santander InnoVentures, the $100 million fintech venture capital fund of the Santander Group, recently announced its strategic investment in Socure, an industry leader focused on real-time digital identity verification solutions.

Socure, based in New York, uses trusted data from consumers' digital footprints, including social media, to accurately and efficiently verify consumers' identities in real time. Socure is mainly used for inter-financial institution activities, such as opening new bank accounts or issuing credit/debit cards. Blockchain technology has wider applications in fraud prevention and compliance, ensuring that companies meet directive requirements, such as anti-money laundering (AML) rules. Current Socure users include Kabbage, StashInvest and partner Feedzai.

Mariano Belinky

Mariano Belinky, Managing Partner of Santander Group, said:

“Authentication is a critical step in any banking process and one that presents challenges for many consumer-facing companies – there are many opportunities for innovation in the authentication space, with the digital verification revolution and related happenings, and we believe Socure is at the forefront of this space.”

Belinky continued:

“Socure also has great potential to address financial inclusion in emerging markets, where citizens may be excluded from the banking system due to lack of traditional credit history for identity verification. In this context, Socure ID+ technology goes beyond traditional identity verification methods, bringing new possibilities to untapped markets while better anticipating their needs.”

Sunil Madhu

Sunil Madhu, Founder and CEO of Socure said:

“With this funding announcement, we are very excited to continue our work to solve issues related to identity fraud while continuing to improve access to the financial system for the unbanked and banked, both in established economies and emerging markets. With their track record and Santander’s global reach, we see Mariano and his team as a perfect VC partner to help us grow globally.

Meanwhile, Víctor Matarranz, Senior Executive Vice President of Santander, explained today that the bank is accelerating its digital transformation by partnering with technology companies, which are global leaders in financial solutions aimed at advancing progress for people and companies and improving people's lives.

Speaking at the MoneyConf financial technology conference in Madrid today, Matarranz stressed the importance of combining the agility and disruption of fintech companies with international banks like Santander, which has more than 120 million customers in Europe and the United States, a robust infrastructure that ensures deposits are protected, and deep experience in risk and regulation. In his keynote speech at the MoneyConf conference, which was sponsored by Santander, Matarranz said:

“We believe that nimble fintechs and reliable banks like Santander are a perfect match, good for both startups and banks like Santander, as they can help accelerate our digital transformation.”

The latest investment is Santander Group’s ninth since its founding in 2014, with other recent investments including digital wealth advisor platform SigFig and blockchain intelligence company Elliptic. For more information on Santander’s past investments and strategic investment philosophy, please visit: http://santanderinnoventures.com/