Home Biometrics Socure hires CFO with IPO expertise

Socure hires CFO with IPO expertise

Socure hires CFO with IPO expertise

Socure is welcoming a brand new chief monetary officer, Aaron Barfootand tipping what may very well be the subsequent large biometrics inventory launch.

Barfoot is becoming a member of the digital identification verification and fraud options firm after serving as CFO at e-commerce fraud prevention agency Forter and as VP of finance at cloud computing supplier Rackspace.

Socure says that its new CFO has expertise with preliminary public choices, together with Rackspace’s IPO. He will probably be tasked with steering the corporate’s subsequent part of development.

“Online identity verification has become more critical than ever as consumers have taken the most essential facets of their personal and work lives online,” Barfoot says. “From shopping on e-commerce sites to conducting virtual doctor visits and applying for home mortgages, fast and accurate identity verification is a core component of unlocking trusted transactions. Yet businesses and government agencies too often still rely on legacy identity verification methods, like checking Social Security numbers and credit histories to confirm people are who they claim to be.”

“With fraudsters becoming more sophisticated, Socure’s generative AI innovations are uniquely positioned to lead the next era of identity verification,” he provides.

Socure Founder and CEO Johnny Ayers says Barfoot’s expertise and data will probably be necessary as the corporate scales in direction of being publicly traded.

Within the three years from 2019 to 2022, Socure has achieved a 376 % income development, the corporate says in a launch. Final yr, it added almost 400 new prospects with an 85 % year-over-year enhance within the common deal dimension. Latest offers embody funding platform Public and digital lending firm MeridianLink.

The expansion additionally features a push by Socure into selfie biometrics to implement age restrictionsa venture mentioned with Biometric Replace by Head of Doc Verification Eric Levine in a current interview.

This yr was marked with the $70 million acquisition of ID doc verification software program maker Berbix and a $95 million, three-year credit score facility with J.P. Morgan, Silicon Valley Financial institution and KeyBanc Capital Markets.

The corporate at present serves over 1,800 corporations, together with 4 of 5 of the biggest banks. Its prospects cowl card issuers, fintechs, on-line gaming operators, authorities businesses, eCommerce marketplaces and different companies.

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Author: Masha Borak
Date: 2023-09-22 16:56:56

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