Socure is preparing for its IPO through strategic hiring and acquisitions

Digital fraud prevention company Socure is making strategic preparations for its upcoming initial public offering (IPO), and the latest move is the appointment of experienced finance professional Aaron Barfoot as CFO. Before joining Socure, Barfoot held the same position at a competitor, Forter, for over three years. His impressive resume also includes significant stints at Amazon.com Inc (NASDAQ:AMZN), Anaconda Inc. and Rackspace Technology Inc.

Barfoot’s recruitment is considered a key step in strengthening Socure’s financial position ahead of its initial public offering. The company is recording rapid revenue growth and is on the path to profitability. In 2022, Socure reported nearly $100 million in revenue, a significant increase of 376% from 2019.

In addition to financial growth and strategic hiring, Socure is growing through acquisitions. Last June, the company invested $70 million to acquire Berbix, a document verification company. This acquisition further strengthens Socure’s position in the digital fraud prevention sector as it prepares to go public.

The company boasts a solid customer base of 1,800 corporate clients, including well-known companies such as Chime Financial Inc., SoFi Technologies (NASDAQ:SOFI) Inc. and Robinhood Markets Inc (NASDAQ:HOOD). After its 2021 funding round, Socure’s valuation was $4.5 billion, with Accel, Tiger Global Management and Scale Venture Partners participating in the round.

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