Prove Identity Secures $40 Million in Funding to Expand Digital Identity Verification and Authentication Solutions

Prove Identity, a late-stage startup with origins in the e-commerce mobile payments sector, has closed a $40 million funding round aimed at furthering its strategic shift to the digital identity verification and authentication market. The New York-based company, previously known as Payfone, has rebranded itself as an enterprise vendor specializing in providing secure and seamless identity verification solutions for industries such as banking, retail, and healthcare. This recent funding round was led by MassMutual Ventures and Capital One Ventures, demonstrating the confidence investors have in Prove Identity’s technology and its potential to revolutionize identity verification processes.

Funding and growth

Having raised more than $215 million to date, Prove Identity is well-positioned to continue its growth in the digital identity verification market. The latest investment will be utilized to launch new commerce enablement and fraud-fighting use cases, devising innovative solutions for businesses in need of robust identity verification measures. Prove Identity’s ongoing global year-over-year growth serves as a testament to the increasing demand for reliable identity verification and authentication technologies.

Identity Verification and Authentication Platform

Prove Identity’s smartphone-based identity verification technology forms the core of its platform. With an emphasis on creating frictionless consumer experiences, Prove Identity ensures that security standards are not compromised in the process. The platform enables businesses to seamlessly verify identities, making use of the nearly ubiquitous possession of a mobile phone. This technology can be applied across multiple channels, including mobile, desktop, and even in-store.

The ID verification and authentication platform offered by Prove Identity has delivered remarkable results. Businesses utilizing this technology have experienced up to a 79% faster onboarding process, a 35% reduction in abandonment rates, and an impressive 75% reduction in fraud attacks. These outcomes support Prove Identity’s claim of providing a secure and efficient solution to identity verification and authentication challenges.

Unique approach: Mobile phone-based verification

One of the standout features of Prove Identity’s technology lies in its use of mobile phones for identity verification. Leveraging a device that most adults already possess, Prove Identity offers an easily accessible and secure means of verifying identities. This approach greatly simplifies the verification process and enhances the user experience. Whether it’s through a mobile application, a desktop website, or even in-store scenarios, Prove Identity’s technology ensures seamless and reliable identity verification.

Customer base

Prove Identity has amassed an impressive clientele, with nine out of the top ten American banks, major global cryptocurrency exchanges, and numerous US retailers among its customers. This breadth of clients highlights the trust placed in Prove Identity’s technology by some of the leading players in the financial and retail sectors. The company’s solutions have become integral components of their identity verification processes, underscoring the effectiveness and reliability of Prove Identity’s platform.

Future plans

With the infusion of $40 million in funding, Prove Identity is well-positioned to expand its commerce enablement and fraud-fighting use cases. The company aims to further refine its technology and develop innovative solutions to combat identity fraud and streamline commerce in various industries. By leveraging its expertise in identity verification and authentication, Prove Identity aims to foster secure and frictionless consumer experiences, transforming how banks, retailers, and healthcare institutions verify and authenticate identities.

Prove Identity’s successful $40 million funding round signifies a major milestone in the company’s journey as it pivots into the digital identity verification and authentication market. With its innovative smartphone-based identity verification technology, Prove Identity offers businesses the means to deliver seamless customer experiences while maintaining robust security standards. The company’s impressive customer base, including prominent banks, cryptocurrency exchanges, and retailers, further strengthens its standing in the market. Prove Identity’s commitment to innovation and its focus on enhancing identity verification processes make it a key player in shaping the future of secure digital commerce.

Explore more

Revolutionizing SaaS with Customer Experience Automation

Imagine a SaaS company struggling to keep up with a flood of customer inquiries, losing valuable clients due to delayed responses, and grappling with the challenge of personalizing interactions at scale. This scenario is all too common in today’s fast-paced digital landscape, where customer expectations for speed and tailored service are higher than ever, pushing businesses to adopt innovative solutions.

Trend Analysis: AI Personalization in Healthcare

Imagine a world where every patient interaction feels as though the healthcare system knows them personally—down to their favorite sports team or specific health needs—transforming a routine call into a moment of genuine connection that resonates deeply. This is no longer a distant dream but a reality shaped by artificial intelligence (AI) personalization in healthcare. As patient expectations soar for

Trend Analysis: Digital Banking Global Expansion

Imagine a world where accessing financial services is as simple as a tap on a smartphone, regardless of where someone lives or their economic background—digital banking is making this vision a reality at an unprecedented pace, disrupting traditional financial systems by prioritizing accessibility, efficiency, and innovation. This transformative force is reshaping how millions manage their money. In today’s tech-driven landscape,

Trend Analysis: AI-Driven Data Intelligence Solutions

In an era where data floods every corner of business operations, the ability to transform raw, chaotic information into actionable intelligence stands as a defining competitive edge for enterprises across industries. Artificial Intelligence (AI) has emerged as a revolutionary force, not merely processing data but redefining how businesses strategize, innovate, and respond to market shifts in real time. This analysis

What’s New and Timeless in B2B Marketing Strategies?

Imagine a world where every business decision hinges on a single click, yet the underlying reasons for that click have remained unchanged for decades, reflecting the enduring nature of human behavior in commerce. In B2B marketing, the landscape appears to evolve at breakneck speed with digital tools and data-driven tactics, but are these shifts as revolutionary as they seem? This