Socure – a leading provider of digital identity verification and fraud solutions – recently announced that it has achieved 376% revenue growth from 2019 to 2022, and the company appointed seasoned technology leader Aaron Barfoot as the company’s new Chief Financial Officer to help drive Socure’s next phase of hypergrowth.
Barfoot has over 20 years of experience driving growth and building high-performance finance teams in the B2B technology industry, including experience taking high-growth software companies into public markets. And he will lead Socure’s finance, legal, people, and operations teams and serve as a strategic partner to Socure founder and CEO Johnny Ayers as Socure continues to achieve its goal of being the world’s most accurate and inclusive identity verification and risk prevention provider. Barfoot is joining Socure as the company continues on its path toward strong and profitable growth.
Now Socure services over 1,800 companies, including four of five of the largest banks, 13 of 15 leading card issuers, and more than 400 of the largest fintechs, online gaming operators, government agencies, e-commerce marketplaces, and enterprises across all consumer industries. The recent highlights include:
— Nearly 400 new customers were added in the last year, with an 85% year-over-year (June 2022 to June 2023) increase in the average deal size.
— The volume of existing customers’ identity verification calls rose by 58% year-over-year (June 2022 to June 2023) and new sales to existing customers increased 47% over the same time period. And this enormous lift in both reflects Socure’s dedication to partnering with customers deeply to solve their toughest and constantly evolving digital identity challenges.
— The company recently announced its $70 million acquisition of Berbix, the developer of the highest-accuracy document verification solution with a patent-pending forensics engine. Socure has integrated the Berbix technology into its Predictive Document Verification (DocV) 3.0 solution to deliver the market’s highest accuracy, speed, user experience, and fraud reduction levels.
Before joining Socure, Barfoot spent four years in the e-commerce fraud sector as CFO at Forter, where the company grew 4x during his tenure. And his background includes a broad range of high-growth companies, ranging from startups generating $3 million in revenue to public corporations worth $300 billion. As VP of Finance at Rackspace, one of the original cloud computing solution providers, Barfoot guided the company’s transformation from a private company with $180 million in revenue to a $2.2 billion public entity, playing a pivotal role in the IPO process. He has also held senior leadership positions at several market-leading enterprises, including Amazon – where he spearheaded several mergers & acquisitions for AWS – and CFO at Anaconda and ClearDATA.
The company also secured a $95 million credit facility with J.P. Morgan to strengthen the company’s financial position further.
KEY QUOTES:
“Aaron has a wealth of experience building, operating and leading world-class organizations, and he shares our passion for Socure’s vision to be the world’s most accurate and inclusive risk and identity verification company. His knowledge and hands-on experience will be invaluable to help us scale Socure to new heights and build an enduring public company.”
— Socure founder and CEO Johnny Ayers
“Online identity verification has become more critical than ever as consumers have taken the most essential facets of their personal and work lives online. 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. I look forward to working with Johnny and the rest of the team to ensure we can meet the size of the opportunity for the long term.”
— Aaron Barfoot
