Former Forter, Rackspace and Amazon executive Aaron Barfoot brings IPO experience to help scale identity verification leader now working with more than 1,800 companies globally
INCLINE VILLAGE, Nev., Sept. 21, 2023 /PRNewswire/ -- Socure, the leading provider of digital identity verification and fraud solutions, has achieved 376% revenue growth from 2019 to 2022 and appointed seasoned technology leader Aaron Barfoot as the company's new Chief Financial Officer to help drive Socure's next phase of hypergrowth. Barfoot brings 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. 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 joins Socure as the company continues on its path toward strong, profitable growth. Today, 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, eCommerce marketplaces and enterprises across all consumer industries. 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. The 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 $70M 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 levels of accuracy, speed, user experience and fraud reduction.
- The company also secured a $95M credit facility with J.P. Morgan to further strengthen the company's financial position.
- Named to the Inc. 5000 for the second consecutive year, Socure is the only identity verification and fraud detection vendor among its ranks in 2023.
"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," said Ayers. "His knowledge and hands-on experience will be invaluable to help us scale Socure to new heights and build an enduring public company."
Prior to joining Socure, Barfoot spent four years in the e-commerce fraud sector as CFO at Forter, where the company grew 4x during his tenure. 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 Vice President of Finance at Rackspace, one of the original cloud computing solution providers, Barfoot guided the company's transformation from a private company with $180M in revenue to a $2.2B 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 both Anaconda, Inc. and ClearDATA.
"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," said Barfoot. "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."
Socure is the leading platform for digital identity verification and trust. Its predictive analytics platform applies artificial intelligence and machine learning techniques with trusted online/offline data intelligence from physical government-issued documents as well as email, phone, address, IP, device, velocity, date of birth, SSN, and the broader internet to verify identities in real-time. The company has more than 1,800 customers across the financial services, government, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, 13 of the top 15 card issuers, the top three MSBs, the top payroll provider, the top credit bureau, the top online gaming operator, the top Buy Now, Pay Later (BNPL) providers, and over 400 of the largest fintechs. Marquee customers include Chime, SoFi, Robinhood, Gusto, Public, Poshmark, Stash, DraftKings, the State of California, and Florida's Homeowner Assistance Fund. Socure customers have become investors in the company, including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, and Synchrony. Additional investors include Accel, T. Rowe Price, Bain Capital Ventures, Tiger Global, Commerce Ventures, Scale Venture Partners, Sorenson, Flint Capital, Two Sigma Ventures, and others.
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