ID verification specialist Prove Identity bags $40m to fuel global expansion
New York-based ID verification firm Prove Identity has raised $40 million in a funding round led by MassMutual Ventures and Capital One Ventures.
Prove Identity bags $40m in fresh funding
Founded in 2008 by Mike Brody and current CEO Rodger Desai, Prove offers a digital identity verification and authentication platform built to improve customer acquisition “without sacrificing security standards”.
The company currently counts more than 1,000 businesses as clients, including a number of financial services firms such as NatWest, Barclays and Mastercard as well as nine of the top ten banks in the USA. In the last year, it has also secured deals with global players such as Visa and Experian.
Prove’s tech enables customers to verify their identities using their mobile phone without having to scan documents or take a selfie, which it says can help deliver faster onboarding and a 35% reduction in abandonment.
The company says it can authenticate users using what it calls “Phone-Centric identity”, which is technology that “leverages and analyses mobile, telecom, and other signals” and behavioural data of phone users for the purposes of identity verification.
The firm offers solutions tailored specifically to tackle growing areas of fraud such as authorised push payment (APP) and account takeover (ATO) fraud, and also launched its passwordless login and omnichannel authentication offering Prove Auth last year.
Prove says the fresh funds will be used to boost its international expansion and further develop its technology to address new fraud vectors such as “those fueled by AI advancements”.
The company recently opened a new engineering and technology hub in India and entered the Brazilian market through a partnership with cybersecurity firm e-Safer.
