Socure Secures Growth Investment, Acquires Agentic Platform Fravity
Article excerpt
Socure has secured a strategic growth investment valuing the company at $5.2 billion and acquired Fravity, an agentic platform that automates fraud, risk and compliance operations. The company said Thursday Summit Partners led the investment, which includes both primary funding and a secondary tender offer for existing employees. Goldman Sachs Alternatives, Wells Fargo, Docusign and other investors also participated in the round. The funding will support Socure’s global expansion and the integration of Fravity’s agent-building capabilities into RiskOS, the company’s identity and risk orchestration platform. Fravity’s agent-building and operations capabilities will be delivered through RiskOS as RiskOS_Agents, a layer designed to automate the fraud, risk and compliance case work that currently requires manual review. Socure said the two companies already share a number of enterprise customers running both platforms in production. RiskOS_Agents will draw on Socure’s Identity Graph and the roughly 10 billion decisions processed across its network each year, along with the underlying models and case outcomes tied to those decisions. Across existing deployments, Socure said Fravity has reduced cost per case by up to 80 percent, cut case resolution time by up to five times and lowered false positives by as much as 70 percent. Johnny Ayers, co-founder and CEO of Socure, said...
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The company launched a FedRAMP-authorized version of RiskOS to bring identity proofing and fraud detection together for government agencies, and it partnered with Thomson Reuters to combine CLEAR identity and risk data with the RiskOS platform.
