Prove Identity – a global leader in digital identity solutions – recently announced a $40 million funding round led by MassMutual Ventures and Capital One Ventures. This new funding – supported by more than 40% new international customer growth year to date – also reinforces Prove’s position as the global leader in the digital identity verification and authentication market.
The funding round will help launch new commerce enablement and fraud-fighting use cases, continue the global expansion, and address the evolving threats all public and private institutions operating in the digital economy face.
The company’s identity verification and authentication platform enables businesses to create frictionless consumer experiences without sacrificing security standards as new fraud vectors, including those fueled by AI advancements, continue to emerge. And through innovations like an award-winning Prove Pre-Fill identity verification solution, the company demonstrated its value as a partner for businesses seeking seamless, secure onboarding and authentication processes, driving results such as up to 79% faster onboarding, a 35% reduction in abandonment and a 75% reduction in fraud (relative to attack rate).
Prove’s technology uses something nearly every adult already has (a mobile phone) to easily and securely verify identities in channels such as mobile, desktop, and even in-store. And Prove’s customers include 9 of the top 10 U.S. banks, 2 of the top 3 global cryptocurrency exchanges, 3 of the top 5 U.S. retailers, 2 of the top 3 U.S. healthcare companies, and 6 of the top 10 insurance companies in the U.S.
With this latest funding round, Prove reaffirms its status as a standout leader in the digital identity industry after an exciting year of growth. And within the past year, the company announced partnerships with Visa, FanDuel, and Experian; launched Prove Auth, a next-generation solution for passwordless login and omnichannel authentication; opened its India Engineering & Technology Hub; announced a partnership in the Brazil market with e-Safer; and was honored by Deloitte as one of the fastest-growing companies in North America for the sixth consecutive year.
KEY QUOTES:
“As our daily lives become increasingly digital, Prove’s mission is to be the global standard for fast, secure, and privacy-first digital identity. This funding will further our work toward comprehensive digital identity solutions that secure the future for all.”
— Rodger Desai, Co-Founder and Chief Executive Officer of Prove and 2023 EY Entrepreneur of the Year Finalist
“Prove is driving a paradigm shift in how businesses and consumers interact securely. As consumers continue to experience risk in their engagement with brands, Prove’s solutions ensure that verified and authenticated information is being used, enabling brands to drive both loyalty and revenue. We’re delighted to continue supporting Prove as they redefine how we look at digital identity.”
— Charles Svirk, Partner at MassMutual Ventures, who will be joining Prove’s Board of Directors
“Prove addresses mobile identity verification and authentication with speed and efficiency, lifting the burden for customers. Prove has shown strong traction across a range of industries, has potential for accelerated expansion and meets what we consider a mission critical need.”
— Jaidev Shergill, managing partner and head of Capital One Ventures
