ID.me, a market-leading digital identity wallet, announced it had closed a $275 million credit facility provided by Ares Management funds. And Ares also plans to make a substantial equity investment in ID.me.
The proceeds from the funding will fuel ID.me’s continued acceleration, as ID.me is transforming how Americans securely prove their identity online, expanding digital access while protecting privacy and preventing fraud.
This funding comes during a time of significant business momentum as ID.me has signed up over 139 million users into its digital wallet, with over 65 million of these users verified to the federal standards of IAL2 consumer authentication. And ID.me’s revenue has grown over 450% from 2020 through 2024, as superior results for customers and members are driving rapid growth and adoption.
ID.me is the only digital wallet that meets the federal government standards for secure login and multi-factor authentication while offering online, video chat, and in-person options for identity verification at the National Institute of Standards and Technology (NIST) Identity Assurance Level 2. And true to ID.me’s purpose of enabling consumer trust across the digital economy, members can use ID.me’s digital wallet to safely login and prove their identity in seconds at any government, healthcare, commercial or non-profit organization in the ID.me network.
Ares Management, a leading global alternative investment manager with over $464 billion in assets under management as of September 30, 2024, brings decades of experience investing significant capital in high-quality software and technology opportunities.
KEY QUOTES:
“This credit facility provided by Ares, combined with its anticipated equity investment, provides substantial capital to accelerate our roadmap and growth strategy, scaling ID.me to the next phase of growth and sustainable profitability. Coming soon after our recent secondary tender, we are pleased that esteemed institutional investors are recognizing our market-leading outcomes expanding digital access, protecting privacy, fighting fraud, and ensuring frictionless user experience.”
– Blake Hall, Founder and CEO of ID.me
“ID.me is a category and thought leader in the digital identity space, enabling government agency and commercial enterprise customers to navigate the demand for secure and inclusive digital access to their services while respecting end-user data privacy. As the world continues to be transformed by AI and vectors of fraud proliferate, we believe that ID.me’s digital identity wallets will become increasingly important in facilitating the consistent and fraud-resistant connections between these large organizations and their users. Ares is excited to work with Blake and the rest of the ID.me team, and we look forward to supporting ID.me’s next phase of growth.”
– John Clark, Principal at Ares Management
