Prove Identity Secures $40 Million in Funding Led By Massmutual Ventures and Capital One Ventures
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(New York, NY - October 17, 2023) - Prove Identity, Inc. ("Prove"), a global leader in digital identity solutions, has announced a $40 million funding round led by MassMutual Ventures and Capital One Ventures. The new funding, supported by over 40% new international customer growth year to date, reinforces Prove’s position as the global leader in the digital identity verification and authentication market. The funds will be used to launch new commerce enablement and fraud-fighting use cases, continue Prove’s global expansion, and address the evolving threats faced by all public and private institutions operating in the digital economy.
“As our daily lives become increasingly digital, Prove's mission is to be the global standard for fast, secure, and privacy-first digital identity," said Rodger Desai, Co-Founder and Chief Executive Officer of Prove and 2023 EY Entrepreneur of the Year Finalist. “This funding will further our work toward comprehensive digital identity solutions that secure the future for all.”
Prove’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. Through innovations like its award-winning Prove Pre-Fill® identity verification solution, the company has 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 is driving a paradigm shift in how businesses and consumers interact securely," said Charles Svirk, Partner at MassMutual Ventures, who will be joining Prove’s Board of Directors. “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."
Prove’s technology is unique in that it 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. 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.
“Prove addresses mobile identity verification and authentication with speed and efficiency, lifting the burden for customers,” said Jaidev Shergill, managing partner and head of Capital One Ventures. “Prove has shown strong traction across a range of industries, has potential for accelerated expansion and meets what we consider a mission critical need.”
With this latest round of funding, Prove reaffirms its status as a standout leader in the digital identity industry after an exciting year of growth. 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.
For more information about how Prove helps businesses to accelerate revenue and create frictionless customer experiences without sacrificing security standards, visit prove.com.
About Prove Identity, Inc. (“Prove”)
Prove enables businesses to provide frictionless digital consumer experiences without compromising security. With Prove’s advanced identity verification and authentication platform and Prove Identity Network℠, trusted digital transactions are assured throughout the user journey. More than 1,000 businesses, including 9 of the top 10 U.S. banks, rely on Prove to boost revenue, improve customer acquisition, enhance cybersecurity, mitigate fraud, and eliminate costs of legacy identity verification solutions. Learn more at www.prove.com and follow us on LinkedIn.
About MassMutual Ventures
MassMutual Ventures (MMV) is a multistage global venture capital firm investing in financial technology, enterprise SaaS, climate technology, healthtech, and cybersecurity. With teams based in Boston, Singapore, and London, MMV manages over $1 billion in investment capital across the globe. We help accelerate the growth of the companies we partner with by providing capital, connections and advice. With our deep expertise and extensive Fortune 500 network, MMV helps entrepreneurs build compelling and scalable companies of value. For more information, visit www.massmutualventures.com.
About Capital One Ventures
Capital One Ventures is the strategic investing arm of Capital One, funding startups that are driving the future of data, technology and financial Services. For more, go to https://growthventures.capitalone.com.
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