Payfone raises $24m in round led by TransUnion
Digital identity authentication provider Payfone has closed a $24 million funding round, reports Julie Muhn at Finovate.
Credit reporting agency TransUnion led the round, while existing investors Synchrony, MassMutual Ventures, and Wellington Management also contributed. The investment brings the New York-based company’s total funding to $117.6 million.
TransUnion’s investment comes in conjunction with a partnership between the two companies, which have been doing business together since 2017. The Chicago-based company will integrate Payfone’s Trust Platform and Trust Score into its “IDVision with iovation” suite of products.
“Within this new strategic partnership, we anticipate supporting Payfone’s expansion to new markets and looking at other uses of their products throughout our organisation,” says Geoff Miller, senior vice president of global fraud and identity solutions at TransUnion. “We are both committed to protecting consumers, focusing on data privacy and building trust with our customers, and the combination of our solutions will create a better, more seamless experience for everyone.”
Miller will join Payfone’s board of directors.
TransUnion will serve as Payfone’s primary partner for regulated identity verification information. Payfone CEO Rodger Desai says, “With our partnership with TransUnion, we can now leverage TransUnion’s footprint of more than 30 countries to help expand our Trust Score around the globe, allowing billions of additional consumers to safely access digital services.”
