In this episode of theCUBE's Cyber Security Leaders series, we explore the realm of artificial intelligence-enhanced cybersecurity with Matt Thompson, president and chief commercial officer at Socure. As digital identity theft and fraud become increasingly sophisticated, the boundary between security and compromise continues to blur. This installment illuminates how businesses defend against these challenges and maintain trust in the digital age.
Thompson offers a wealth of expertise, discussing key topics such as Socure's groundbreaking innovations in AI and identity fraud prevention. Under the guidance of hosts from theCUBE Research, viewers gain an understanding of how Socure positions itself as a leader in enabling digital trust across sectors including banking and government.
A significant insight from the discussion is Socure's innovative approach to battling digital fraud. Thompson explains that Socure's AI-driven platform sets a new benchmark for identity verification, ensuring precision in fraud detection across industries. The company's exceptional growth is attributed to its solution-focused strategy and deep collaboration with major financial institutions.
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Matt Thompson, Socure
Inna Tokarev Sela is the CEO and founder of Illumex. The platform enables companies to extract value from structured data, creating a virtual semantic graph for users to interact with in natural language. Illumex focuses on contextualizing data in real-time and offers built-in governance features. By partnering with major data platform providers, Illumex has increased data usage for customers. The company has raised $13 million and has a diverse workforce. Inna's leadership style is described as empathetic. Illumex envisions a future where data interactions are seamless and efficient. Overall, the company aims to lead the industry towards a more streamlined application-free future.
>> Welcome back around theCUBE. I'm John Furrier, host here at our New York Stock Exchange Cube studio, of course. We have our Palo Alto studio connecting Silicon Valley and Wall Street. It's part of our cybersecurity leader series where we unpack the issues facing large scale AI build out and also enterprise security. And then also security in general for all digital citizens worried about getting hacked. Everything's going on around security. Obviously it never stops, no matter what the hype cycle is. Matt Thompson, President and Chief Commercial Officer of Socure is here. Congratulations on the news that-
Matt Thompson
>> Thank you....
John Furrier
>> hit the wire this morning. You're now the President.
Matt Thompson
>> Yes, I am.
John Furrier
>> Chief Commercial Officer.
Matt Thompson
>> That's right.
John Furrier
>> Formerly the CR, Chief Revenue Officer.
Matt Thompson
>> That's right.
John Furrier
>> Congratulations. And you guys got some great momentum, so congratulations.
Matt Thompson
>> Yeah, we do. A lot of great momentum. AI is everywhere nowadays, and it's also being used by bad actors. And so Socure is in business really to help prevent fraud, protect people like you from having your identity misused across banking and government agencies and gaming. Virtually every industry has challenges when it comes to enabling digital trust. And Socure is at the heart of enabling that.
John Furrier
>> This is something that it's just every day, every one of us has a personal story. Just recently in my family, just this week, Wells Fargo account, well documented, good passwords. Okay. They had to close the account down, create some new ones. So there's constant innovations in the hackers and the bad actors.
Matt Thompson
>> Absolutely.
John Furrier
>> They're getting really good.
Matt Thompson
>> Yeah, they are.
John Furrier
>> With AI. So everything's still potentially compromised. So what is the solution? How do you guys see it? Because this is an ongoing battle.
Matt Thompson
>> It is. Yeah, it is. And Socure is known for the pace of innovation that we're able to push out into the market. So we're an end-to-end AI platform that's built the most comprehensive, most accurate models for predicting identity fraud risk. So predicting when bad actors are using your information to impersonate you online. And it is a constant game of cat and mouse. It takes a network and consortium approach to defeat the network of bad actors that are out there sharing how to manipulate your information, sharing your identity information. Sharing where there are weak spots in the digital economy that they can attack. And Socure stands kind of in that spot to help protect you and protect those companies.
John Furrier
>> Matt, talk about the news. Obviously, the promotion for you. Congratulations.
Matt Thompson
>> Thank you.
John Furrier
>> That's a big role.
Matt Thompson
>> It is. A pinnacle in my career.
John Furrier
>> Growth opportunity for the company.
Matt Thompson
>> Yes.
John Furrier
>> What are some of the momentum stats? You guys released some recent momentum.
Matt Thompson
>> Yeah.
John Furrier
>> Give us the data.
Matt Thompson
>> We just shared tremendous growth. So we've had six consecutive quarters of outperformance on revenue growth targets, on new business booking targets, on operating profit. And so, really excited to share that we grew 51% year-over-year in Q3, compared to Q3 of last year. We're on track to book over a hundred million dollars of new business in this year alone. We're double-digit profitable at the moment. And we have a net dollar retention of 130%. And why that's significant is because not only do our customers buy Socure technology, they also expand the use of that over time. Because again, this problem of identity trust really permeates throughout organizations. And as we just talked about, it's getting harder and harder because of the bad actors.
John Furrier
>> Talk about the growth strategy. What market are you guys targeting? Identity is a pretty broad stroke there from a targeting standard.
Matt Thompson
>> It is, yeah.
John Furrier
>> What are you guys going at? What's your market?
Matt Thompson
>> Yeah. So today, Socure is really known as the gold standard in FinTech. We have hundreds of fintechs, all the major fintechs use Socure to make sure you are who you say you are when you're enrolling in a digital account. All the big neobanks use us as well as all the traditional financial institutions. So today we're used by five of the top five financial institutions. We also have a lot of major investors from Citi and Wells Fargo, Capital One. They're also investors in the company as well because they believe in the importance of the technology. But really our go forward strategy is to expand and be the market leader, be the gold standard for every industry where trust matters globally. And that's a big, hairy, audacious goal, as we like to say. But we believe that we have the best products in the market. And we're expanding our commercial organization, which is part of my promotion, to help go get the rest of the market.
John Furrier
>> So it's really a product led growth story for you guys.
Matt Thompson
>> Absolutely. Yeah.
John Furrier
>> So you nailed the identity with the hardest customers who have the-
Matt Thompson
>> We did....
John Furrier
>> highest bar of resilience.
Matt Thompson
>> We did.
John Furrier
>> I mean, you got the five of the five top financial institutions. I mean, their security resilience bar-
Matt Thompson
>> Absolutely....
John Furrier
>> is super high.
Matt Thompson
>> It is.
John Furrier
>> They use machine learning for fraud detection. I mean, they got all the state-of-the-art tools. So you guys cracked the code there. What was the secret sauce?
Matt Thompson
>> I think it's one, working very collaboratively. So I also have time working at Capital One myself on the consumer identity team. So I've been inside of the banks and know how to kind of navigate and operate as a good partner to the big financial institutions. But honestly, it takes a lot of patience to work through the processes with security.
John Furrier
>> You can't be wrong.
Matt Thompson
>> You can't be wrong.
John Furrier
>> You got to be right all the time.
Matt Thompson
>> You can't be wrong. And so it takes a lot of work, a lot of dedication. But again, we know that that's where bad actors are focused on financial institution because that's where the money is. So they're trying to use your identity to crack in and take out-
John Furrier
>> It's like that's where cheese is.
Matt Thompson
>> Yeah, that's right.
John Furrier
>> It's where the money is.
Matt Thompson
>> Yeah.
John Furrier
>> Why rob a bank? Because that's where the cash is.
Matt Thompson
>> Yeah.
John Furrier
>> I love that line. You mentioned Capital One. I've had the pleasure of interviewing Capital One many times at Reinvent because of big Amazon cloud.
Matt Thompson
>> Absolutely.
John Furrier
>> And I know how complicated it is to get the data right. To do all either the big data inspection.
Matt Thompson
>> Right.
John Furrier
>> Whether it's from fraud detection. But now that you've got this era of agents, and now you have apps and you have delegation and trust, it's not just hitting an API anymore. It's a whole nother ball game.
Matt Thompson
>> The ecosystem, the types of uses that works.
John Furrier
>> Explain why. What's the evolution of this new design criteria for ecosystem?
Matt Thompson
>> Yeah. And again, that's a big part of our growth strategy right now moving into 2026 is what we call know your agent. So on the traditional human side, banks and financial institutions have had a requirement called know your customer. KYC is what it's commonly referred to. The new thing that we're solving for, Socure is at the center of working with a lot of financial institutions, payment networks to solve is called KYA, or know your agent. And agentic commerce is here. It's not a coming thing, it's here now. And we have to figure out how can you delegate authority to an AI agent that then can go and do things on your behalf? And so the association, the identity relationship, protecting from fraud, because there's going to be a lot of agentic fraud happening, is central to enabling the future of trust in digital commerce.
John Furrier
>> I mean, it's just another opportunity for the bad guys to get at the agents. I mean, agents bring up a new dimension because it's not just a chatbot. They're especially workflow driven, domain specific, tied to an app. There's a lot of details in this. There's protocols involved. There's some developer frameworks that coders are coding away. So it's going to be a proliferation of agents coming.
Matt Thompson
>> It is.
John Furrier
>> And with that, this is like, okay, governance and identity is a long poll and a tent.
Matt Thompson
>> That's right.
John Furrier
>> Explain why this is going to be a big, important design criteria for an organization is because the agents got to have some guardrails. They got to be steered in the right directions.
Matt Thompson
>> That's right.
John Furrier
>> They got to be managed on the tasks.
Matt Thompson
>> The governance piece, if I could zoom out and just tie it to general trust. Again, which identity is the great enabler of trust, whether it's digital or in person. And so this is extending trust from humans to machines effectively and how we enable that, how we govern that. And again, it's not just for consumers and agentic commerce, it's also internal. I manage multiple agents just like I manage multiple humans in my role as the president at Socure and making sure that we're doing the identity and the trust connection, and the governance around what I'm allowing this agent to do on my behalf, and keeping an audit trail of that and being able to revoke that. It's all the same identity controls that we have in place today for workforce identity, or for enterprise identity and consumer identity.
John Furrier
>> One of the things that people think about when they think of agents, they think, "Oh yeah, this agent's going to book my flight for me, go figure out."
Matt Thompson
>> Sure. All those things.
John Furrier
>> There'll be those. But a lot of the discussion, I just had this conversation with the CTO of Dell Technologies, John Rose, who's and I were talking about this, most of the agents will be behind the scenes, behind the covers doing stuff.
Matt Thompson
>> Right. But you still need to establish that trust relationship.
John Furrier
>> Yeah, talk about that.
Matt Thompson
>> Yeah. So regardless of how in front or in the background agents are, you still want to make sure that it's associated with you. It can do things that you've authorized it to do on your behalf. And then again, that you can revoke that at any point if something happens that you want to go different directions.
John Furrier
>> Nobody wants an agent that's going to have root access to anything that could be compromised.
Matt Thompson
>> That's right.
John Furrier
>> This is where the identity comes and explain why the identity piece is so important to make sure that the guardrails around the behavior of agents.
Matt Thompson
>> Yeah, absolutely. So again, identity, and again, it's a broad term, but in this context is really managing that we know that you are who you say you are, and that you are giving the permission and access to this distinct agent to do certain things on your behalf. And that has to be managed much like your logins to banks have to be managed, or your logins for your work access. And there's authorizations levels associated with all those things as well. We have to apply that same framework. There's a lot that we can apply and take from the way that we've designed identity infrastructure today, but again, we've got to be more adaptive because now it's human to machine.
John Furrier
>> You know what's interesting is you guys, it sounds like your strategies, you've got your beachhead, you got the premier customer base.
Matt Thompson
>> We do.
John Furrier
>> Which you've got that.
Matt Thompson
>> We have over 3,000 customers today. Growing rapidly.
John Furrier
>> Great customer base, which again, have a high bar. Now you're going to broaden that scope.
Matt Thompson
>> We are.
John Furrier
>> Sounds like that's going to be the case. A lot of the AI native apps are coming out. They're apps location specific.
Matt Thompson
>> Right.
John Furrier
>> Not so much built up from the DevOps side of whatever.
Matt Thompson
>> Right. Right.
John Furrier
>> The classic SaaS. A lot of the lines of businesses are going to be doing the apps.
Matt Thompson
>> That's right.
John Furrier
>> So a lot of coding, coding assistance. So a lot more stuff's going to be coming online. How should an enterprise think about their action plan to make sure that they have one, agents that are delivering value? Because the other side of the agent market is that with these AI factories and large scale infrastructure, whether it's cloud or on prem, it scales fast. So value scales fast, but so does problems.
Matt Thompson
>> Yeah. And I think the flip side and our responsibility in this is really to figure out how to scale trust quickly as well. So I mean, yes, the pace of innovation and the pace of new apps that are coming out is faster than it's ever been before. We have to make sure that identity infrastructure, the trust infrastructure that powers these things, can scale equally as fast.
John Furrier
>> The FinTech side, you mentioned the FinTech market. One of the things going on there, obviously with the DeFi and the TradFi, we've seen the crypto success. Stable coins. We've been covering that on our Crypto Trailblazer program.
Matt Thompson
>> Oh, great.
John Furrier
>> Is that you got this new world where new transactions are happening.
Matt Thompson
>> Right.
John Furrier
>> And banking rails are now built in, you have all this plumbing. What is the number one concern people should think about when they say, "Okay, how do I design my system?"
So obviously, the banks are kind of well ahead. They have their IQ's pretty strong.
Matt Thompson
>> Sure.
John Furrier
>> But an average enterprise, they got a lot of IT. They've had identity systems. And AI agents will allow for some new configuration, autonomous capabilities, a lot more wiring up of stuff-
Matt Thompson
>> Yes....
John Furrier
>> in these enterprises. You guys play a key role in that. How should people think about that design?
Matt Thompson
>> Yeah. I don't want to overuse the concept of trust here, but again, I think designing for trust. Because at the end of the day, you as a human are only going to go to an interface with things that you feel are trustworthy, right? So going back to, you have a degree of confidence that banks or mature fintechs are protecting your information, protecting the assets that you have associated with them. I think if we start just putting out a lot of AI native applications that the people behind developing those aren't thinking about how do we maintain trust with the people that we want to use those, they're not going to get the adoption and the scale.
John Furrier
>> How are your customers thinking about the trust? Or my question would be, how has digital trust ... because again, crypto brings physical and digital together.
Matt Thompson
>> That's right.
John Furrier
>> That's the convergence, we're seeing that.
Matt Thompson
>> That's right.
John Furrier
>> Digital currency, digital behavior. What's the definition of digital trust today? What's changed the most? If you could put your finger on the pulse there, what would it be?
Matt Thompson
>> So I've been in this space and working on this problem of digital identity for the past 15 years, since I got out of the Army. And I can say firsthand having built these systems, or as I mentioned, I worked at Capital One and was responsible for the identity infrastructure. It's gotten a lot harder. AI, as I said at the outset, really has enabled fraudsters and bad actors to really democratize sophisticated attacks, and really rapidly scale and adapt their attacks of these systems. So I think it's, I would say digital trust today now more than ever has been under attack by very sophisticated cyber criminals. And so the good guys, if you will, people trying to provide legitimate services, they have to be more resilient than ever. They have to be really working with AI technologies like Socure to fight the AI bad actors. And I think again, people are now very conscious, because of all the scams that happen, because they know someone or they've personally been a victim of identity theft, the scale of identity theft has grown.
John Furrier
>> The dark web has got everyone's numbers now on there.
Matt Thompson
>> But it's heightened people's awareness to this and concern around, how is my information being used? How are my digital assets being protected? And again, that's where we have to be really resilient and use advanced technologies like Socure to help protect.
John Furrier
>> You mentioned you were in the Army, you were in the service. Thanks for doing that. Appreciate that.
Matt Thompson
>> Thank you.
John Furrier
>> When you look at your troops, your team, go-to-market, you got to have a big go-to-market, what's your mission? How would you define your mission?
Matt Thompson
>> Yeah, so our mission is to first and foremost solve our customer's hardest problems. And I believe, and I really have reoriented with my partner, Johnny Ayers, our entire go-to-market organization is unconventional. And again, I was a special operations commander, so I'm into unconventional warfare.
John Furrier
>> You need that now.
Matt Thompson
>> We do. Now more than ever. An asymmetric warfare, by the way. But Johnny and I have really used an unconventional go-to-market approach, where instead of sales led, we have a solution consulting led go-to-market motion. So it's very solution consultant, solution engineering oriented. Because we want our customers to call us when they have a hard problem that they need help solving. And we believe that if we're good at solving a problem for them, that they'll give us more problems to solve. And that's been true. As, again, I said 130 plus percent net dollar retention is top tier. And so that represents the fact-
John Furrier
>> You guys earn your trust and your engagement.
Matt Thompson
>> We do. Absolutely.
John Furrier
>> You lead with the solution.
Matt Thompson
>> I never want a customer to say, "Socure sold to me. " I want a customer to say, "Socure came in and helped me solve my hardest problems."
John Furrier
>> Yeah. And that's always what people want now. Because it's almost like we're in an era now. I'm a little bit old too, like I've seen the movies before and go-to-market. Now with AI, it's a co-design.
Matt Thompson
>> Sure.
John Furrier
>> All the best companies in the AI era have a kind of a co-design mentality.
Matt Thompson
>> Absolutely. And if you don't, you're going to be irrelevant here in the next two to three years.
John Furrier
>> Well, the consequences are significant.
Matt Thompson
>> Massive.
John Furrier
>> Because you can quantify the fact that if you don't understand the workflows, because again, AI is domain specific.
Matt Thompson
>> Yeah.
John Furrier
>> You got a platform side of it, then you got the specific access point where the apps are.
Matt Thompson
>> That's why all these people that say, "Oh, we're in an AI bubble." I don't think they actually ... I don't believe that at all.
John Furrier
>> Yeah, I agree.
Matt Thompson
>> Because I work in AI. I see the impact that it has in the efficiency and effectiveness of our growth engine at Socure. We obviously are an AI technology, and I see the need for that in the market. So I believe wholly in the impact of AI in go-to-market. We've leaned in and completely redesigning our entire go-to-market to be AI first.
John Furrier
>> I agree with you. I don't think there's a bubble comparison. And the one everyone uses is the dot-com bubble. But the demand, the transformational demand was not there.
Matt Thompson
>> Right.
John Furrier
>> It was evolutionary demand. Yeah, the websites were slow, speed got better, web pages got more population online happening.
Matt Thompson
>> Absolutely.
John Furrier
>> Search engines happened.
Matt Thompson
>> Absolutely.
John Furrier
>> User experience happened. That was an evolution. There is so much demand because of the business transformation.
Matt Thompson
>> So much transformation. Personal transformation. We just talked about agents doing things on your behalf. Commerce is being transformed.
John Furrier
>> I mean, it's unbelievable. Now, I do believe there's overvaluation, some hype, because I think a lot of people don't understand here in Wall Street, and this is the Silicon Valley side of me talking.
Matt Thompson
>> Well, the board was read over here for Nvidia this morning, right?
John Furrier
>> Well they're, I won't say short term mindset, but they kind of are short term. But Wall Street's just now getting into the whole product led growth scene.
Matt Thompson
>> Right.
John Furrier
>> So you're starting to see the best analysts aren't asking so much about the revenue numbers, although they do ask.
Matt Thompson
>> Sure. But it still matters.
John Furrier
>> It still matters. Well, that's the scoreboard.
Matt Thompson
>> That's right.
John Furrier
>> You got to put numbers. You got to have the numbers on the board. But the best analysts are like, "Okay, what's the supply chain NVIDIA look like? What's your ecosystem look like? What's the product strategy? What's the roadmap?"
Matt Thompson
>> Absolutely.
John Furrier
>> Because these roadmaps are going to give a good horizon into multiple earnings quarters.
Matt Thompson
>> Absolutely.
John Furrier
>> So I think there's a whole product led growth financial side emerging here in Wall Street.
Matt Thompson
>> Yeah. That's good.
John Furrier
>> I think that'll take the bubble pressure off.
Matt Thompson
>> Sure.
John Furrier
>> Yeah. There's maybe some air gets out of the balloon a little bit, but I don't think it's going to pop.
Matt Thompson
>> Right.
John Furrier
>> I mean, I just don't. The productivity gains alone-
Matt Thompson
>> There's too much transformation.
John Furrier
>> The revenue growth.
Matt Thompson
>> Throughout every aspect of society.
John Furrier
>> I talked to a customer of another vendor, they did one use case with agents, autonomous agents, not chatbots, and saw a massive revenue lift.
Matt Thompson
>> Yeah.
John Furrier
>> And they're like, "Okay, they got the flywheel going." So it wasn't boil the ocean over. It wasn't a platform shift only.
Matt Thompson
>> Right.
John Furrier
>> They got wins out of the gate.
Matt Thompson
>> That's right.
John Furrier
>> And/or-
Matt Thompson
>> We're seeing it too. We're seeing it too.
John Furrier
>> Give an example.
Matt Thompson
>> So we lean in with AI in terms of how we prepare for each and every meeting that we're doing with a customer. To make sure that we're pulling all of our past conversation stats, identifying what's relevant to that customer, packaging everything up that we need to be very targeted and effective with the engagement. So the rep productivity and the time that our sales team can use kind of in the customer engagement versus preparing for the customer engagement has dramatically increased.
John Furrier
>> Yeah. Well, I love this market. Congratulations on the news.
Matt Thompson
>> Yeah, thank you.
John Furrier
>> Put a plug in for the company, what you're looking to do. Some of your goals you're going to knock down this year, looking to hire, give the pitch.
Matt Thompson
>> Yeah. So over the past year, we've made two pretty strategic acquisitions. First, with effective AI, which really transformed Socure from selling point solutions or products into a platform and use case solution oriented organization. That was a major shift. That's enabled us to deliver so much value to our customers, and so much more value a lot faster. So that's been big. We've been leaning in on our platform evolution. We just announced an acquisition last week of a company called Qlarifi, which is the first buy now, pay later oriented credit bureau. And so their focus on helping BNPLs as they're called buy now, pay layer, which is a significantly fast-growing way for consumers to pay for goods.
John Furrier
>> There, it's real time too. There's a lot of real time.
Matt Thompson
>> It's real time. Yeah, it's real time and it's enabling BNPLs to make better credit risk decisions of the people they're extending credit to, because a lot of the traditional credit bureaus don't have models to support that community. So a lot of the BMPLs use us for identity and fraud, and now we're going to be able to help them with credit risk decision as well. The other big thing that we're doing is really expanding the number of markets that we're supporting, as I mentioned earlier. We're the gold standard in financial services. We're the gold standard in FinTech. We're the gold standard in gaming. We're the gold standard in government. But there's so many more verticals that need Socure services to enable digital trust.
John Furrier
>> It's just great execution. You get your beachhead, you sequence to a broader position with the technology led growth, product led growth.
Matt Thompson
>> Absolutely.
John Furrier
>> Congratulations. Final question for you since I got you here.
Matt Thompson
>> Sure.
John Furrier
>> You mentioned Capital One. We've been riffing on theCUBE about how, of course we're covering cloud since day one.
Matt Thompson
>> Sure.
John Furrier
>> The cloud was just a great innovation. AWS.
Matt Thompson
>> I was there when we made the migration from the data centers to AWS. It was a big transformation.
John Furrier
>> Which is why I want to pick your brain on this next topic. Because I think we saw a lot of similarities between the cloud scale, speed, scale. AI's got a whole nother level of acceleration-
Matt Thompson
>> Absolutely....
John Furrier
>> on scale and speed. How would you compare the AI extension of the cloud as a speed game? Are there similarities? Are there differences? Because again, there's almost similar things. Like, I don't want to buy a server and do it on premise, go to the cloud with my credit card. Dropboxes form to Airbnb, SaaS, hello SaaS now. AI native is coming in. Domain intelligence, autonomous agents, same kind of on prems, hybrid happening. What's similar in terms of cloud scale and AI scale?
Matt Thompson
>> Yeah. So I think they're inextricably linked. And I think, and I'm not saying this because I worked at Capital One or Capital One's an investor in Socure, which they are, or that they're a customer, which they also are, but I'm saying this because I sincerely mean it. I think they have the best strategic minds in financial services. And at the end of the day, their strategy to be cloud first among the top financial institutions was really foreseeing this AI transformation. Because it put a lot of the data infrastructure, data scale in place that is necessary to fuel the AI transformation. So I think you're seeing Capital One because they leaned in on cloud first, that they're harvesting a lot of the benefits of AI within their consumer experience, within their credit decisioning. And again, just a super innovative company.
John Furrier
>> Yeah. And the wave of the cloud and AI connecting, to your point, is interesting. Because when you have tokens and this kind of intelligence coming out of these new AI factories or cloud factories, you can actually make these know your business.
Matt Thompson
>> That's right.
John Furrier
>> So the domain knowledge, the teammates, you're hearing words like AI teammates.
Matt Thompson
>> Yes.
John Furrier
>> Not-
Matt Thompson
>> Yes....
John Furrier
>> chatbots.
Matt Thompson
>> Yes.
John Furrier
>> That sounds really kind of like, oh, it's just a chatbot, but.
Matt Thompson
>> Again, you got to establish trust, you got to manage those for fraud, all the same challenges that we have with-
John Furrier
>> No trust, no game.
Matt Thompson
>> That's right. That's just some of it.
John Furrier
>> Thank you so much for coming in. Congratulations.
Matt Thompson
>> Thank you.
John Furrier
>> Again, cybersecurity, one of the hot areas continues to be with AI. One, more surface area, more ways to attack. But more importantly, the value creation and extraction in AI is going to create a huge opportunity. We get it right with governance and identity and then the world's your oyster. So we're doing our part to bring that to you here on theCUBE at our NYSE studios. I'm John Furrier, host of theCUBE. Thanks for watching.
>> Welcome back around theCUBE. I'm John Furrier, host here at our New York Stock Exchange Cube studio, of course. We have our Palo Alto studio connecting Silicon Valley and Wall Street. It's part of our cybersecurity leader series where we unpack the issues facing large scale AI build out and also enterprise security. And then also security in general for all digital citizens worried about getting hacked. Everything's going on around security. Obviously it never stops, no matter what the hype cycle is. Matt Thompson, President and Chief Commercial Officer of Socure is here. Congratulations on the news that-
Matt Thompson
>> Thank you....
John Furrier
>> hit the wire this morning. You're now the President.
Matt Thompson
>> Yes, I am.
John Furrier
>> Chief Commercial Officer.
Matt Thompson
>> That's right.
John Furrier
>> Formerly the CR, Chief Revenue Officer.
Matt Thompson
>> That's right.
John Furrier
>> Congratulations. And you guys got some great momentum, so congratulations.
Matt Thompson
>> Yeah, we do. A lot of great momentum. AI is everywhere nowadays, and it's also being used by bad actors. And so Socure is in business really to help prevent fraud, protect people like you from having your identity misused across banking and government agencies and gaming. Virtually every industry has challenges when it comes to enabling digital trust. And Socure is at the heart of enabling that.
John Furrier
>> This is something that it's just every day, every one of us has a personal story. Just recently in my family, just this week, Wells Fargo account, well documented, good passwords. Okay. They had to close the account down, create some new ones. So there's constant innovations in the hackers and the bad actors.
Matt Thompson
>> Absolutely.
John Furrier
>> They're getting really good.
Matt Thompson
>> Yeah, they are.
John Furrier
>> With AI. So everything's still potentially compromised. So what is the solution? How do you guys see it? Because this is an ongoing battle.
Matt Thompson
>> It is. Yeah, it is. And Socure is known for the pace of innovation that we're able to push out into the market. So we're an end-to-end AI platform that's built the most comprehensive, most accurate models for predicting identity fraud risk. So predicting when bad actors are using your information to impersonate you online. And it is a constant game of cat and mouse. It takes a network and consortium approach to defeat the network of bad actors that are out there sharing how to manipulate your information, sharing your identity information. Sharing where there are weak spots in the digital economy that they can attack. And Socure stands kind of in that spot to help protect you and protect those companies.
John Furrier
>> Matt, talk about the news. Obviously, the promotion for you. Congratulations.
Matt Thompson
>> Thank you.
John Furrier
>> That's a big role.
Matt Thompson
>> It is. A pinnacle in my career.
John Furrier
>> Growth opportunity for the company.
Matt Thompson
>> Yes.
John Furrier
>> What are some of the momentum stats? You guys released some recent momentum.
Matt Thompson
>> Yeah.
John Furrier
>> Give us the data.
Matt Thompson
>> We just shared tremendous growth. So we've had six consecutive quarters of outperformance on revenue growth targets, on new business booking targets, on operating profit. And so, really excited to share that we grew 51% year-over-year in Q3, compared to Q3 of last year. We're on track to book over a hundred million dollars of new business in this year alone. We're double-digit profitable at the moment. And we have a net dollar retention of 130%. And why that's significant is because not only do our customers buy Socure technology, they also expand the use of that over time. Because again, this problem of identity trust really permeates throughout organizations. And as we just talked about, it's getting harder and harder because of the bad actors.
John Furrier
>> Talk about the growth strategy. What market are you guys targeting? Identity is a pretty broad stroke there from a targeting standard.
Matt Thompson
>> It is, yeah.
John Furrier
>> What are you guys going at? What's your market?
Matt Thompson
>> Yeah. So today, Socure is really known as the gold standard in FinTech. We have hundreds of fintechs, all the major fintechs use Socure to make sure you are who you say you are when you're enrolling in a digital account. All the big neobanks use us as well as all the traditional financial institutions. So today we're used by five of the top five financial institutions. We also have a lot of major investors from Citi and Wells Fargo, Capital One. They're also investors in the company as well because they believe in the importance of the technology. But really our go forward strategy is to expand and be the market leader, be the gold standard for every industry where trust matters globally. And that's a big, hairy, audacious goal, as we like to say. But we believe that we have the best products in the market. And we're expanding our commercial organization, which is part of my promotion, to help go get the rest of the market.
John Furrier
>> So it's really a product led growth story for you guys.
Matt Thompson
>> Absolutely. Yeah.
John Furrier
>> So you nailed the identity with the hardest customers who have the-
Matt Thompson
>> We did....
John Furrier
>> highest bar of resilience.
Matt Thompson
>> We did.
John Furrier
>> I mean, you got the five of the five top financial institutions. I mean, their security resilience bar-
Matt Thompson
>> Absolutely....
John Furrier
>> is super high.
Matt Thompson
>> It is.
John Furrier
>> They use machine learning for fraud detection. I mean, they got all the state-of-the-art tools. So you guys cracked the code there. What was the secret sauce?
Matt Thompson
>> I think it's one, working very collaboratively. So I also have time working at Capital One myself on the consumer identity team. So I've been inside of the banks and know how to kind of navigate and operate as a good partner to the big financial institutions. But honestly, it takes a lot of patience to work through the processes with security.
John Furrier
>> You can't be wrong.
Matt Thompson
>> You can't be wrong.
John Furrier
>> You got to be right all the time.
Matt Thompson
>> You can't be wrong. And so it takes a lot of work, a lot of dedication. But again, we know that that's where bad actors are focused on financial institution because that's where the money is. So they're trying to use your identity to crack in and take out-
John Furrier
>> It's like that's where cheese is.
Matt Thompson
>> Yeah, that's right.
John Furrier
>> It's where the money is.
Matt Thompson
>> Yeah.
John Furrier
>> Why rob a bank? Because that's where the cash is.
Matt Thompson
>> Yeah.
John Furrier
>> I love that line. You mentioned Capital One. I've had the pleasure of interviewing Capital One many times at Reinvent because of big Amazon cloud.
Matt Thompson
>> Absolutely.
John Furrier
>> And I know how complicated it is to get the data right. To do all either the big data inspection.
Matt Thompson
>> Right.
John Furrier
>> Whether it's from fraud detection. But now that you've got this era of agents, and now you have apps and you have delegation and trust, it's not just hitting an API anymore. It's a whole nother ball game.
Matt Thompson
>> The ecosystem, the types of uses that works.
John Furrier
>> Explain why. What's the evolution of this new design criteria for ecosystem?
Matt Thompson
>> Yeah. And again, that's a big part of our growth strategy right now moving into 2026 is what we call know your agent. So on the traditional human side, banks and financial institutions have had a requirement called know your customer. KYC is what it's commonly referred to. The new thing that we're solving for, Socure is at the center of working with a lot of financial institutions, payment networks to solve is called KYA, or know your agent. And agentic commerce is here. It's not a coming thing, it's here now. And we have to figure out how can you delegate authority to an AI agent that then can go and do things on your behalf? And so the association, the identity relationship, protecting from fraud, because there's going to be a lot of agentic fraud happening, is central to enabling the future of trust in digital commerce.
John Furrier
>> I mean, it's just another opportunity for the bad guys to get at the agents. I mean, agents bring up a new dimension because it's not just a chatbot. They're especially workflow driven, domain specific, tied to an app. There's a lot of details in this. There's protocols involved. There's some developer frameworks that coders are coding away. So it's going to be a proliferation of agents coming.
Matt Thompson
>> It is.
John Furrier
>> And with that, this is like, okay, governance and identity is a long poll and a tent.
Matt Thompson
>> That's right.
John Furrier
>> Explain why this is going to be a big, important design criteria for an organization is because the agents got to have some guardrails. They got to be steered in the right directions.
Matt Thompson
>> That's right.
John Furrier
>> They got to be managed on the tasks.
Matt Thompson
>> The governance piece, if I could zoom out and just tie it to general trust. Again, which identity is the great enabler of trust, whether it's digital or in person. And so this is extending trust from humans to machines effectively and how we enable that, how we govern that. And again, it's not just for consumers and agentic commerce, it's also internal. I manage multiple agents just like I manage multiple humans in my role as the president at Socure and making sure that we're doing the identity and the trust connection, and the governance around what I'm allowing this agent to do on my behalf, and keeping an audit trail of that and being able to revoke that. It's all the same identity controls that we have in place today for workforce identity, or for enterprise identity and consumer identity.
John Furrier
>> One of the things that people think about when they think of agents, they think, "Oh yeah, this agent's going to book my flight for me, go figure out."
Matt Thompson
>> Sure. All those things.
John Furrier
>> There'll be those. But a lot of the discussion, I just had this conversation with the CTO of Dell Technologies, John Rose, who's and I were talking about this, most of the agents will be behind the scenes, behind the covers doing stuff.
Matt Thompson
>> Right. But you still need to establish that trust relationship.
John Furrier
>> Yeah, talk about that.
Matt Thompson
>> Yeah. So regardless of how in front or in the background agents are, you still want to make sure that it's associated with you. It can do things that you've authorized it to do on your behalf. And then again, that you can revoke that at any point if something happens that you want to go different directions.
John Furrier
>> Nobody wants an agent that's going to have root access to anything that could be compromised.
Matt Thompson
>> That's right.
John Furrier
>> This is where the identity comes and explain why the identity piece is so important to make sure that the guardrails around the behavior of agents.
Matt Thompson
>> Yeah, absolutely. So again, identity, and again, it's a broad term, but in this context is really managing that we know that you are who you say you are, and that you are giving the permission and access to this distinct agent to do certain things on your behalf. And that has to be managed much like your logins to banks have to be managed, or your logins for your work access. And there's authorizations levels associated with all those things as well. We have to apply that same framework. There's a lot that we can apply and take from the way that we've designed identity infrastructure today, but again, we've got to be more adaptive because now it's human to machine.
John Furrier
>> You know what's interesting is you guys, it sounds like your strategies, you've got your beachhead, you got the premier customer base.
Matt Thompson
>> We do.
John Furrier
>> Which you've got that.
Matt Thompson
>> We have over 3,000 customers today. Growing rapidly.
John Furrier
>> Great customer base, which again, have a high bar. Now you're going to broaden that scope.
Matt Thompson
>> We are.
John Furrier
>> Sounds like that's going to be the case. A lot of the AI native apps are coming out. They're apps location specific.
Matt Thompson
>> Right.
John Furrier
>> Not so much built up from the DevOps side of whatever.
Matt Thompson
>> Right. Right.
John Furrier
>> The classic SaaS. A lot of the lines of businesses are going to be doing the apps.
Matt Thompson
>> That's right.
John Furrier
>> So a lot of coding, coding assistance. So a lot more stuff's going to be coming online. How should an enterprise think about their action plan to make sure that they have one, agents that are delivering value? Because the other side of the agent market is that with these AI factories and large scale infrastructure, whether it's cloud or on prem, it scales fast. So value scales fast, but so does problems.
Matt Thompson
>> Yeah. And I think the flip side and our responsibility in this is really to figure out how to scale trust quickly as well. So I mean, yes, the pace of innovation and the pace of new apps that are coming out is faster than it's ever been before. We have to make sure that identity infrastructure, the trust infrastructure that powers these things, can scale equally as fast.
John Furrier
>> The FinTech side, you mentioned the FinTech market. One of the things going on there, obviously with the DeFi and the TradFi, we've seen the crypto success. Stable coins. We've been covering that on our Crypto Trailblazer program.
Matt Thompson
>> Oh, great.
John Furrier
>> Is that you got this new world where new transactions are happening.
Matt Thompson
>> Right.
John Furrier
>> And banking rails are now built in, you have all this plumbing. What is the number one concern people should think about when they say, "Okay, how do I design my system?"
So obviously, the banks are kind of well ahead. They have their IQ's pretty strong.
Matt Thompson
>> Sure.
John Furrier
>> But an average enterprise, they got a lot of IT. They've had identity systems. And AI agents will allow for some new configuration, autonomous capabilities, a lot more wiring up of stuff-
Matt Thompson
>> Yes....
John Furrier
>> in these enterprises. You guys play a key role in that. How should people think about that design?
Matt Thompson
>> Yeah. I don't want to overuse the concept of trust here, but again, I think designing for trust. Because at the end of the day, you as a human are only going to go to an interface with things that you feel are trustworthy, right? So going back to, you have a degree of confidence that banks or mature fintechs are protecting your information, protecting the assets that you have associated with them. I think if we start just putting out a lot of AI native applications that the people behind developing those aren't thinking about how do we maintain trust with the people that we want to use those, they're not going to get the adoption and the scale.
John Furrier
>> How are your customers thinking about the trust? Or my question would be, how has digital trust ... because again, crypto brings physical and digital together.
Matt Thompson
>> That's right.
John Furrier
>> That's the convergence, we're seeing that.
Matt Thompson
>> That's right.
John Furrier
>> Digital currency, digital behavior. What's the definition of digital trust today? What's changed the most? If you could put your finger on the pulse there, what would it be?
Matt Thompson
>> So I've been in this space and working on this problem of digital identity for the past 15 years, since I got out of the Army. And I can say firsthand having built these systems, or as I mentioned, I worked at Capital One and was responsible for the identity infrastructure. It's gotten a lot harder. AI, as I said at the outset, really has enabled fraudsters and bad actors to really democratize sophisticated attacks, and really rapidly scale and adapt their attacks of these systems. So I think it's, I would say digital trust today now more than ever has been under attack by very sophisticated cyber criminals. And so the good guys, if you will, people trying to provide legitimate services, they have to be more resilient than ever. They have to be really working with AI technologies like Socure to fight the AI bad actors. And I think again, people are now very conscious, because of all the scams that happen, because they know someone or they've personally been a victim of identity theft, the scale of identity theft has grown.
John Furrier
>> The dark web has got everyone's numbers now on there.
Matt Thompson
>> But it's heightened people's awareness to this and concern around, how is my information being used? How are my digital assets being protected? And again, that's where we have to be really resilient and use advanced technologies like Socure to help protect.
John Furrier
>> You mentioned you were in the Army, you were in the service. Thanks for doing that. Appreciate that.
Matt Thompson
>> Thank you.
John Furrier
>> When you look at your troops, your team, go-to-market, you got to have a big go-to-market, what's your mission? How would you define your mission?
Matt Thompson
>> Yeah, so our mission is to first and foremost solve our customer's hardest problems. And I believe, and I really have reoriented with my partner, Johnny Ayers, our entire go-to-market organization is unconventional. And again, I was a special operations commander, so I'm into unconventional warfare.
John Furrier
>> You need that now.
Matt Thompson
>> We do. Now more than ever. An asymmetric warfare, by the way. But Johnny and I have really used an unconventional go-to-market approach, where instead of sales led, we have a solution consulting led go-to-market motion. So it's very solution consultant, solution engineering oriented. Because we want our customers to call us when they have a hard problem that they need help solving. And we believe that if we're good at solving a problem for them, that they'll give us more problems to solve. And that's been true. As, again, I said 130 plus percent net dollar retention is top tier. And so that represents the fact-
John Furrier
>> You guys earn your trust and your engagement.
Matt Thompson
>> We do. Absolutely.
John Furrier
>> You lead with the solution.
Matt Thompson
>> I never want a customer to say, "Socure sold to me. " I want a customer to say, "Socure came in and helped me solve my hardest problems."
John Furrier
>> Yeah. And that's always what people want now. Because it's almost like we're in an era now. I'm a little bit old too, like I've seen the movies before and go-to-market. Now with AI, it's a co-design.
Matt Thompson
>> Sure.
John Furrier
>> All the best companies in the AI era have a kind of a co-design mentality.
Matt Thompson
>> Absolutely. And if you don't, you're going to be irrelevant here in the next two to three years.
John Furrier
>> Well, the consequences are significant.
Matt Thompson
>> Massive.
John Furrier
>> Because you can quantify the fact that if you don't understand the workflows, because again, AI is domain specific.
Matt Thompson
>> Yeah.
John Furrier
>> You got a platform side of it, then you got the specific access point where the apps are.
Matt Thompson
>> That's why all these people that say, "Oh, we're in an AI bubble." I don't think they actually ... I don't believe that at all.
John Furrier
>> Yeah, I agree.
Matt Thompson
>> Because I work in AI. I see the impact that it has in the efficiency and effectiveness of our growth engine at Socure. We obviously are an AI technology, and I see the need for that in the market. So I believe wholly in the impact of AI in go-to-market. We've leaned in and completely redesigning our entire go-to-market to be AI first.
John Furrier
>> I agree with you. I don't think there's a bubble comparison. And the one everyone uses is the dot-com bubble. But the demand, the transformational demand was not there.
Matt Thompson
>> Right.
John Furrier
>> It was evolutionary demand. Yeah, the websites were slow, speed got better, web pages got more population online happening.
Matt Thompson
>> Absolutely.
John Furrier
>> Search engines happened.
Matt Thompson
>> Absolutely.
John Furrier
>> User experience happened. That was an evolution. There is so much demand because of the business transformation.
Matt Thompson
>> So much transformation. Personal transformation. We just talked about agents doing things on your behalf. Commerce is being transformed.
John Furrier
>> I mean, it's unbelievable. Now, I do believe there's overvaluation, some hype, because I think a lot of people don't understand here in Wall Street, and this is the Silicon Valley side of me talking.
Matt Thompson
>> Well, the board was read over here for Nvidia this morning, right?
John Furrier
>> Well they're, I won't say short term mindset, but they kind of are short term. But Wall Street's just now getting into the whole product led growth scene.
Matt Thompson
>> Right.
John Furrier
>> So you're starting to see the best analysts aren't asking so much about the revenue numbers, although they do ask.
Matt Thompson
>> Sure. But it still matters.
John Furrier
>> It still matters. Well, that's the scoreboard.
Matt Thompson
>> That's right.
John Furrier
>> You got to put numbers. You got to have the numbers on the board. But the best analysts are like, "Okay, what's the supply chain NVIDIA look like? What's your ecosystem look like? What's the product strategy? What's the roadmap?"
Matt Thompson
>> Absolutely.
John Furrier
>> Because these roadmaps are going to give a good horizon into multiple earnings quarters.
Matt Thompson
>> Absolutely.
John Furrier
>> So I think there's a whole product led growth financial side emerging here in Wall Street.
Matt Thompson
>> Yeah. That's good.
John Furrier
>> I think that'll take the bubble pressure off.
Matt Thompson
>> Sure.
John Furrier
>> Yeah. There's maybe some air gets out of the balloon a little bit, but I don't think it's going to pop.
Matt Thompson
>> Right.
John Furrier
>> I mean, I just don't. The productivity gains alone-
Matt Thompson
>> There's too much transformation.
John Furrier
>> The revenue growth.
Matt Thompson
>> Throughout every aspect of society.
John Furrier
>> I talked to a customer of another vendor, they did one use case with agents, autonomous agents, not chatbots, and saw a massive revenue lift.
Matt Thompson
>> Yeah.
John Furrier
>> And they're like, "Okay, they got the flywheel going." So it wasn't boil the ocean over. It wasn't a platform shift only.
Matt Thompson
>> Right.
John Furrier
>> They got wins out of the gate.
Matt Thompson
>> That's right.
John Furrier
>> And/or-
Matt Thompson
>> We're seeing it too. We're seeing it too.
John Furrier
>> Give an example.
Matt Thompson
>> So we lean in with AI in terms of how we prepare for each and every meeting that we're doing with a customer. To make sure that we're pulling all of our past conversation stats, identifying what's relevant to that customer, packaging everything up that we need to be very targeted and effective with the engagement. So the rep productivity and the time that our sales team can use kind of in the customer engagement versus preparing for the customer engagement has dramatically increased.
John Furrier
>> Yeah. Well, I love this market. Congratulations on the news.
Matt Thompson
>> Yeah, thank you.
John Furrier
>> Put a plug in for the company, what you're looking to do. Some of your goals you're going to knock down this year, looking to hire, give the pitch.
Matt Thompson
>> Yeah. So over the past year, we've made two pretty strategic acquisitions. First, with effective AI, which really transformed Socure from selling point solutions or products into a platform and use case solution oriented organization. That was a major shift. That's enabled us to deliver so much value to our customers, and so much more value a lot faster. So that's been big. We've been leaning in on our platform evolution. We just announced an acquisition last week of a company called Qlarifi, which is the first buy now, pay later oriented credit bureau. And so their focus on helping BNPLs as they're called buy now, pay layer, which is a significantly fast-growing way for consumers to pay for goods.
John Furrier
>> There, it's real time too. There's a lot of real time.
Matt Thompson
>> It's real time. Yeah, it's real time and it's enabling BNPLs to make better credit risk decisions of the people they're extending credit to, because a lot of the traditional credit bureaus don't have models to support that community. So a lot of the BMPLs use us for identity and fraud, and now we're going to be able to help them with credit risk decision as well. The other big thing that we're doing is really expanding the number of markets that we're supporting, as I mentioned earlier. We're the gold standard in financial services. We're the gold standard in FinTech. We're the gold standard in gaming. We're the gold standard in government. But there's so many more verticals that need Socure services to enable digital trust.
John Furrier
>> It's just great execution. You get your beachhead, you sequence to a broader position with the technology led growth, product led growth.
Matt Thompson
>> Absolutely.
John Furrier
>> Congratulations. Final question for you since I got you here.
Matt Thompson
>> Sure.
John Furrier
>> You mentioned Capital One. We've been riffing on theCUBE about how, of course we're covering cloud since day one.
Matt Thompson
>> Sure.
John Furrier
>> The cloud was just a great innovation. AWS.
Matt Thompson
>> I was there when we made the migration from the data centers to AWS. It was a big transformation.
John Furrier
>> Which is why I want to pick your brain on this next topic. Because I think we saw a lot of similarities between the cloud scale, speed, scale. AI's got a whole nother level of acceleration-
Matt Thompson
>> Absolutely....
John Furrier
>> on scale and speed. How would you compare the AI extension of the cloud as a speed game? Are there similarities? Are there differences? Because again, there's almost similar things. Like, I don't want to buy a server and do it on premise, go to the cloud with my credit card. Dropboxes form to Airbnb, SaaS, hello SaaS now. AI native is coming in. Domain intelligence, autonomous agents, same kind of on prems, hybrid happening. What's similar in terms of cloud scale and AI scale?
Matt Thompson
>> Yeah. So I think they're inextricably linked. And I think, and I'm not saying this because I worked at Capital One or Capital One's an investor in Socure, which they are, or that they're a customer, which they also are, but I'm saying this because I sincerely mean it. I think they have the best strategic minds in financial services. And at the end of the day, their strategy to be cloud first among the top financial institutions was really foreseeing this AI transformation. Because it put a lot of the data infrastructure, data scale in place that is necessary to fuel the AI transformation. So I think you're seeing Capital One because they leaned in on cloud first, that they're harvesting a lot of the benefits of AI within their consumer experience, within their credit decisioning. And again, just a super innovative company.
John Furrier
>> Yeah. And the wave of the cloud and AI connecting, to your point, is interesting. Because when you have tokens and this kind of intelligence coming out of these new AI factories or cloud factories, you can actually make these know your business.
Matt Thompson
>> That's right.
John Furrier
>> So the domain knowledge, the teammates, you're hearing words like AI teammates.
Matt Thompson
>> Yes.
John Furrier
>> Not-
Matt Thompson
>> Yes....
John Furrier
>> chatbots.
Matt Thompson
>> Yes.
John Furrier
>> That sounds really kind of like, oh, it's just a chatbot, but.
Matt Thompson
>> Again, you got to establish trust, you got to manage those for fraud, all the same challenges that we have with-
John Furrier
>> No trust, no game.
Matt Thompson
>> That's right. That's just some of it.
John Furrier
>> Thank you so much for coming in. Congratulations.
Matt Thompson
>> Thank you.
John Furrier
>> Again, cybersecurity, one of the hot areas continues to be with AI. One, more surface area, more ways to attack. But more importantly, the value creation and extraction in AI is going to create a huge opportunity. We get it right with governance and identity and then the world's your oyster. So we're doing our part to bring that to you here on theCUBE at our NYSE studios. I'm John Furrier, host of theCUBE. Thanks for watching.
John Furrier