Prove Identity, a New York-based startup formerly known as Payfone, has successfully secured $40 million in funding for its digital identity verification and authentication technology.
Furthermore, this latest investment round was led by MassMutual Ventures and Capital One Ventures, and it marks a significant shift for the company towards focusing on the digital identity verification and authentication market. Prove Identity, which has raised over $215 million to date, is now repositioning itself as an enterprise vendor targeting banks, retailers, and healthcare institutions.
The company’s core offering involves smartphone-based identity verification technology, and this new capital infusion arrives amid substantial year-over-year global growth. The funding will be directed towards launching new solutions for commerce enablement and combating fraud.
Prove Identity’s ID verification and authentication platform is designed to create seamless consumer experiences while maintaining stringent security standards against evolving fraud tactics. The company prides itself on using mobile phones as a unique means of identity verification across various channels, including mobile, desktop, and in-store.
The impact of Prove Identity’s technology has been substantial, with results including up to 79% faster onboarding, a 35% reduction in abandonment rates, and an impressive 75% decrease in fraud relative to the attack rate. Its clientele comprises nine of the top 10 American banks, along with major global cryptocurrency exchanges and prominent U.S. retailers. This funding round positions Prove Identity to continue innovating and expanding its reach, solidifying its role in the digital identity verification and authentication sector.