Digital ID verification firm Socure to tap into Indian fintech market, double headcount

US-based digital identity verification company Socure is betting big on India’s fintech market, which is predicted to touch $31 billion in 2020. It plans to roll out services for the Indian market, double its headcount and enter more cities.

“The digital fintech movement has already started in India and we want to be part of that,” Socure CEO Tom Thimot told BusinessLine recently. “There is barely a new fintech in America that is not using Socure. Hopefully, we can be an enabler to help fintechs in India as well.”

The New York-headquartered company uses artificial intelligence (AI) and machine learning (ML) with online/offline data intelligence from email, address, phone, IP and social media accounts to verify identities in real time. The company’s proprietary predictive analytics tool helps banks and financial institutions reduce frauds and manual review processes and maximise the auto approval rates for new account opening.