Market Insights

Socure secures $13.9M, Railsbank raises $1.2M: Friday Deal Book for 8/11/2017

OWI’s Friday Deal Book provides you with a weekly roundup of partnerships, funding, and product announcements in the identity industry. Here’s a quick peek at what you need to know for the week ending Aug 11, 2017.

Identity verification provider Socure raises $13.9 million Series B
The round was led by Commerce Ventures, with participation from Flint Capital, Work-Bench, Santander InnoVentures and Two Sigma Ventures, bringing its total funding to $27.5 million. The company plans to use the funds to drive market expansion and scale its sales and support teams. Socure combines data elements across biometrics, social media, and traditional identifiers such as email, phone, and IP for identity verification. Its core use cases focus on fraud prevention as well as Know Your Customer and Compliance programs. Traditionally hard to verify consumers such as young people and thin file customers have purportedly benefited from the addition of non traditional identity data, such as social media profiles, in identity verification. [Read more]

Banking and compliance API newcomer Railsbank raises $1.2 million
The round was led by Firestartr with participation from Kima Ventures and a number of individual investors such as Peter Jackson (CEO WorldPay U.K.) and Phillip Riese (former Chairman of Zopa). Railsbank aims to provide banking and compliance as a platform – allowing developers to use one API to access a variety of banking and compliance services. The issue of accessing bank and payments services via APIs has been a hot button issue with PSD2, but even outside of the regulatory aspects, a number of companies are taking advantage of the trend of easy integration to the banking ecosystem as a key driver of their product offering. We expect additional newcomers to this space. [Read more]

Marketing personalization startup Evergage raises $10 million Series C
The round was led by existing investor Arrowroot Capital, with participation from G20 Ventures and PJC, bringing Evergage’s total funding to $31.5 million. The company plans to use the funds to drive hiring expansion across the company and scale internationally. Evergage uses behavioral analytics and other identity data to help marketers personalize user experiences for both B2B and B2C use cases. [Read more]

LexisNexis and Biocatch announce partnership
LexisNexis Risk Solutions and BioCatch announced a new partnership to bring behavioral biometrics data from Biocatch into the LexisNexis Risk Defense Platform. The two hope that this data combination will be particularly effective at combatting new account fraud and account takeover fraud. An increasing number of companies are looking to integrate behavioral biometrics with their risk and fraud offerings. Notably, earlier this year we saw Mastercard acquire NuData, while Gemalto partnered with BehavioSec to increase its biometric authentication solutions  [Read more]