Socure to Create ‘Single View of Identity’ With Effectiv Acquisition

Socure plans to acquire Effectiv to create a unified identity, fraud and risk decision engine and offer its partners a “single view of identity.”

The $136 million deal, expected to close in November, will add Effectiv’s artificial intelligence orchestration and decisions platform to Socure’s digital identity verification and fraud solutions, the companies said in a Thursday (Oct. 24) press release.

“As we attained identity certainty to stop attacks and ensure trust at new account opening, many large partners asked us, ‘Why not apply the same view of identity to login, payments, authentication, account recovery and regulatory reporting?’” Socure founder and CEO Johnny Ayers said in the release. “With a world-class platform from Effectiv and analytics that allow for adaptive and progressive risk decisioning, we will be able to help our partners with a single view of identity to drive instant risk and trust decisions anytime, anywhere.”

Socure serves more than 2,700 customers and has verified more than 2.26 billion identities over the past 12 months, according to the release.

Effectiv’s open platform integrates any risk solution to drive real-time decisions that solve identity theft, account takeover, scams and real-time payment fraud, the release said.

The entire Effectiv team will join Socure, per the release. They will spearhead the company’s platform product, engineering and data science innovation and will contribute to its enterprise go-to-market strategy.

“By joining Socure, we’re consolidating what have historically been entirely disparate solutions and views of trust and risk at each subsequent step of the customer journey — delivering significant value to the customers we serve,” Ritesh Arora, president and co-founder of Effectiv who will join Socure as head of platform solutioning, said in the release.

Socure made its first acquisition in June 2023, when it bought document verification startup Berbix. The company said at the time that the move would allow it to integrate Berbix’s technology and unveil its Predictive Document Verification (DocV) 3.0 solution.

In August, Socure introduced Selfie Verification, which can validate customers online with a selfie from any device in less than two seconds. Selfie Verification matches an incoming selfie with the previously verified ID headshot photos submitted during onboarding, while also looking for signs of a deepfake and age discrepancies between the photo and the user’s credentials.