Socure, the leading provider of digital identity verification solutions, has acquired San Francisco-based startup Berbix in a cash and stock transaction valued at approximately $70 million. Berbix has developed a high-accuracy document verification solution with a patent-pending forensics engine capable of detecting spoofed IDs, including visually indistinguishable AI-generated fakes.
The acquisition of Berbix marks Socure’s first acquisition and strengthens its position in the digital identity verification market. With the integration of Berbix’s technology, Socure has also launched its Predictive Document Verification (DocV) 3.0 solution, which surpasses competitors in terms of accuracy, speed, user experience, and fraud reduction.
Socure founder and CEO Johnny Ayers emphasized the superior performance of Berbix’s solution during testing, leading to the acquisition. By combining Berbix’s forensics engine and data extraction capabilities with Socure’s identity graph and AI fraud models, the company aims to offer the best performing identity verification solution in the world.
The importance of online ID verification has grown significantly as consumers have increasingly conducted essential activities online, such as shopping, virtual doctor visits, and mortgage applications. Accurate and fast ID verification is crucial for establishing trust and preventing online fraud, which has seen a significant increase in recent years. Socure’s DocV 3.0 solution, powered by Berbix’s technology, addresses these challenges and enables secure transactions while combating identity fraud.
Socure’s ID verification and fraud platform is already trusted by over 1,800 companies, including major banks, card issuers, and fintechs. The acquisition of Berbix will accelerate Socure’s product innovation roadmap for document verification, opening up new markets and use cases such as telehealth, remote workforce, financial services, alcohol and cannabis purchases, and two-sided marketplaces. It will also facilitate Socure’s international expansion by providing global coverage of ICAO-compliant travel documents, passports, and national ID cards.
The acquisition of Berbix enhances Socure’s position as a leader in digital identity verification and strengthens its ability to provide accurate and reliable solutions for customer acquisition, fraud prevention, and operational efficiency.