News from the Wire

Kasasa chooses Socure's ID verification, fraud platform

Wednesday, October 13, 2021 — 16:32:05 (EDT)

AUSTIN, Texas & NEW YORK--(BUSINESS WIRE)--Kasasa®, an award-winning financial technology and marketing provider, and Socure, the leading provider of digital identity verification and fraud solutions, today announced that 225 of Kasasa’s INMO® clients, comprised solely of community financial institutions that leverage Kasasa’s digital account opening platform, have upgraded to Socure’s industry-leading identity verification and fraud platform.

“Partnering with a vendor like Socure helps us advance our mission of providing community financial institutions with the technology they need to compete with megabanks.”

This change allows Kasasa to provide hundreds of community banks and credit unions with best-of-breed identity verification technology, equipping them with the tools they need to open accounts digitally with confidence.

“We recognize that most financial institutions struggle with auto-accept rates for hard-to-identify populations, such as the Gen Z, millennial, credit invisible, thin-file, and new-to-country populations that comprise a majority of the applicants at our community bank and credit union clients,” said Gabe Krajicek, CEO of Kasasa. “Partnering with a vendor like Socure helps us advance our mission of providing community financial institutions with the technology they need to compete with megabanks.”

“Socure’s identity verification solution offers 98% auto-accept rates for mainstream populations, up to 94% for hard-to-identify populations, and our fraud capture rates are the highest in the industry,” said Johnny Ayers, founder and CEO of Socure. “By working with Kasasa, we are proud to provide more than 200 community banks and credit unions with the same best-in-class platform that four of the five largest banks use today. Our platform helps ensure financial inclusion, a frictionless user experience, and improved reduction in fraud.”

Kasasa, committed to providing community banks and credit unions with the best products and digital experiences for account holders, partners exclusively with community financial institutions across the country to help keep money local. The company serves 900 community financial institutions nationwide, representing 3 million consumer bank accounts across nearly 4,000 branches in all 50 states.

About Kasasa

Based in Austin, Texas, Kasasa® is a financial technology and marketing provider committed to driving results for over 900 community financial institutions by attracting, engaging, and retaining consumers. Kasasa does this by providing innovative banking solutions that increase loan volume and non-interest income to help drive immediate sources of revenue in a low-rate environment. Its branded retail products, world class marketing, and expert consulting enable community banks and credit unions to recapture market share. For more information, please visit www.kasasa.com, or visit them on Twitter or LinkedIn.

About Socure

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 email, phone, address, IP, device, velocity, and the broader internet to verify identities in real time. The company has more than 750 customers across the financial services, gaming, healthcare, telecom, and e-commerce industries, including four of the top five banks, seven of the top 10 card issuers, three of the top MSBs, the top payroll provider, the top credit bureau, top crypto exchanges, top Buy Now, Pay Later providers, the largest online gaming operators, and over 100 of the largest fintechs. Marquee customers include Chime, Varo Money, Public, Stash, and DraftKings. Investors include Accel, Commerce Ventures, Scale Venture Partners, Flint Capital, Capital One Ventures, Citi Ventures, Wells Fargo Strategic Capital, Synchrony, Sorenson, Two Sigma Ventures, and others.

Socure has received numerous industry awards and accolades, including being named to the 2021 Forbes Cloud 100 List, Forbes’ Fintech 50 List 2021, and Forbes’ America’s Best Startup Employers 2021, being named to CB Insights: The Fintech 250 for the third year in a row, being awarded Best New Technology Introduced Over the Last 12 Months—Data and Data Services at the 2020 American Financial Technology Awards (AFTAs), being ranked number 70 in Deloitte’s Technology Fast 500™, being listed as a Gartner Cool Vendor, being recognized by Forbes as one of the Top 25 Machine Learning Startups to Watch, and being awarded Finovate’s Award for Best Use of AI/ML, to name a few.

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Source: Company press release.