Digital-fraud prevention firm, Socure, is making strategic preparations for its imminent initial public offering (IPO), with the latest move being the appointment of seasoned finance professional, Aaron Barfoot, as Chief Financial Officer. Prior to joining Socure, Barfoot held the same position at Forter, a competitor, for over three years. His impressive resume also includes significant tenures at Amazon.com Inc (NASDAQ:AMZN)., Anaconda Inc., and Rackspace Technology Inc.
Barfoot's recruitment is considered a crucial step in strengthening Socure's financial footing ahead of its IPO. The company has been experiencing rapid revenue growth and is on the path to profitability. In 2022, Socure reported nearly $100 million in revenue, marking a substantial 376% increase since 2019.
Aside from financial growth and strategic hires, Socure has been expanding through acquisitions. In June last year, the company invested $70 million to acquire Berbix, a document verification firm. This acquisition further bolsters Socure's position in the digital-fraud prevention sector as it gears up to go public.
The firm boasts a robust client base of 1,800 corporate clients, which includes prominent names such as Chime Financial Inc., SoFi Technologies (NASDAQ:SOFI) Inc., and Robinhood Markets Inc (NASDAQ:HOOD). Following a funding round in 2021, Socure's valuation stood at $4.5 billion, with Accel, Tiger Global Management, and Scale Venture Partners participating in the round.
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