Socure, a leader in AI-driven digital identity verification, has announced its $136 million acquisition of Effectiv, a real-time risk decisioning company. This move enables Socure to expand its fraud prevention reach and deepen its service offerings for both enterprise clients and midmarket customers.
- Acquisition Details: Socure, based in Incline Village, NV, will acquire Effectiv for $136 million. The deal is expected to close in November 2024, marking a major step in Socure’s growth strategy.
- Effectiv’s Unique Platform: Founded in 2021 by Ravi Sandepudi, Ritesh Arora, Jonathan Doering, and Anupam Tarsauliya, Effectiv offers an open platform integrating diverse risk solutions.
- Socure’s Proven Expertise in Fraud Prevention: Led by founder and CEO Johnny Ayers, Socure uses AI and machine learning to verify identities and detect fraud in real-time.
- Broad Industry Impact and Client Reach: Major clients include Capital One, Citi, Chime, SoFi, Robinhood, Gusto, DraftKings, and the State of California, among others.
This acquisition cements Socure’s commitment to cutting-edge fraud prevention and expands its reach into critical industries.
