Identity verification firm Socure has raised $156M at a $5.2B valuation and acquired Fravity, an Austin startup building agentic AI for fraud investigations.
Summit Partners led the growth investment, with Goldman Sachs Alternatives, Wells Fargo and Docusign participating. The round mixes primary capital with a tender offer for employees. Socure has now raised more than $742M since its 2012 founding, and its valuation jumps from the $4.5B mark set in 2021.
Fravity’s software automates the manual case reviews that drain bank analyst time. Its agents retrieve documents, run watchlist screening and draft summaries. Folded into Socure’s RiskOS platform as RiskOS_Agents, the technology has cut cost per case by 80%, sped resolution fivefold and reduced false positives by up to 70%, the companies say.
The moves come as AI-driven fraud explodes. Socure says it saw an 8,000% increase in AI-fueled fraud across its network last year, and Liminal pegs the financial crime investigation market at $71.1B. Socure ended the second quarter with $364M in annual recurring revenue, up 63%, and added 95 customers including Circle, Cox Automotive and Login.gov. Its 3,000-plus enterprise clients include 19 of the 20 largest US banks.
“There are two types of companies that matter in the AI-driven global economy: those that are AI-native, and those that fight the consequences of AI acceleration,” said CEO Johnny Ayers.
