Prove secures $40M to expand global digital identity verification
Prove Identity has secured $40 million in investment funding from MassMutual Ventures and Capital One Ventures to expand its global operations and strengthen its position in digital identity verification and authentication. The funding will be used to launch new commerce enablement and fraud-fighting use cases. It will also help Prove to expand globally and address evolving threats faced by digital institutions.
Prove’s platform helps businesses streamline consumer experiences while maintaining security amid emerging fraud vectors, according to a company announcement, including those driven by AI. Through innovations like its Prove Pre-Fill identity verification technology, businesses can offer more seamless, secure onboarding and authentication processes. The company says this technology has delivered impressive results, including 79 percent faster onboarding, a 35 percent reduction in onboarding abandonment and a 75 percent reduction in fraud relative to the attack rate.
The company has also recently introduced its Prove Auth technology for passwordless login and omnichannel authentication. Prove Auth reduces dependence on passwords and one-time passcodes and allows customers to easily authenticate across all channels, including phones, desktops and call centers. With this technology, enterprises can provide a frictionless and secure digital customer journey.
Prove provides services to the top global cryptocurrency exchanges and major U.S. banks, retailers, healthcare companies and insurance companies. For six consecutive years, Deloitte has recognized Prove as one of the fastest-growing companies in North America. This year, Prove has formed partnerships with major businesses such as Visa, FanDuel and Experian.
Furthermore, Prove’s international customer base has grown by over 40 percent in the last year, which includes the opening of its India Engineering & Technology Hub and its partnership with e-Safer in Brazil.
Charles Svirk, partner at MassMutual Ventures, will be joining Prove’s board of directors. Speaking of his company’s investment, he comments, “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.”
According to Jaidev Shergill, the managing partner and head of Capital One Ventures, “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.”
“This funding will further our work toward comprehensive digital identity solutions that secure the future for all,” says Rodger Desai, the co-founder and CEO of Prove.
With this latest round of funding, Prove reaffirms its status in the digital identity industry after an exciting year of growth.