Socure was founded in 2012 by Sunil Madhu and Johnny Ayers. Madhu was the first CEO. One account says he got the idea after moving to the United States from Europe and finding it hard to be approved for services without a credit history.
Tom Thimot, a former Oracle sales executive, became CEO in spring 2018. Madhu left in February 2019 and later founded Instnt. A May 2024 Delaware court summary in Madhu v. Socure Inc. records the founding year and his departure date.
Ayers was named CEO on 17 November 2020. In November 2021 Socure was valued at $4.5 billion. In October 2024 it agreed to buy Effectiv, a risk decisioning platform, for $136 million.
In 2026 Socure bought Fravity, an agentic AI startup, and won a $163 million five-year federal contract for Login.gov identity-proofing. Reports in late August 2026 said it raised $156 million at a $5.2 billion valuation, led by Summit Partners.