ID.me raises $8.3M in new capital amid demand surge for selfie biometrics and ID checks
During the pandemic, digital identity verification company ID.me has raised new capital worth some $8.3 million, out of a $12.5 million equity offering joined by 32 investors, according to Securities and Exchange Commission documents, writes Washington Business Journal.
Contacted by the publication, the company did not reveal future plans or comment on the new capital raised.
“Since social distancing measures went into effect there has been a surge in demand for digital identity verification as business processes that were traditionally performed in-person have now shifted online,” ID.me founder and CEO Blake Hall told Washington Business Journal.
Goode Intelligence raised its forecast of 704 million digital identity verification checks during 2020 by 15 to 20 percent based on the pandemic.
Ensuring identity proofing and authentication, ID.me claims to sign up 60,000 new users a day, estimating a total of 24 million users of its digital wallet “from buying cars and electronics online to accessing healthcare and government benefit programs,” Hall said.
Back in 2017, ID.me raised $19 million in a round led by FTV Capital in San Francisco. At the time, the company had already secured some $20.5 million.
When the COVID-19 pandemic started in March, ID.me launched a real-time workspace channel on Slack for doctors to share best practices on Covid-19. ID.me also supported an initiative launched by U.S. gas stations BP and Amoco to provide 50 cents off per gallon on gas purchases to healthcare workers and first responders working during the coronavirus outbreak. Hall told Biometric Update at that time that the company’s EPCS compliance uniquely positions it to support healthcare providers.