ID.me adds $65M series E equity fundraise to massive credit facility

ID.me has raised $340 million between a series E funding round and a credit facility agreed to earlier this year, and plans to use the money to accelerate its rollout of secure, reusable digital identity.

The fundraise was based on a valuation of higher than $2 billion for ID.me, according to the company announcement.

Ribbit Capital led the round, joined by existing investors Ares Credit funds and Moonshots Capital, along with Positive Sum and other new investors. Ares funds announced plans to make an equity investment in ID.me when it agreed to extend a $275 million credit facility to the digital identity verification provider in January.

ID.me is up to 152 million users, 76 million of whom are verified to the U.S. federal government’s IAL2 standard, meaning they have been through either biometric or supervised identity verification. The company uses face biometrics technology supplied by Paravision. ID.me supported more than 409 million successful logins in 2024, which represents a 44 percent year-over-year increase, last year.

“Fraud is evolving at the speed of AI — and so are we,” says Blake Hall, founder and CEO of ID.me. “Secure identity is foundational to AI ecosystems that will depend on memory, context, and authentication, and ID.me is leading the charge. This funding strengthens our ability to expand secure digital access, protect privacy, and innovate faster to stay ahead of criminal networks.”

ID.me counts 20 federal and 45 state agencies as customers, along with over 70 healthcare organizations, 600 consumer brands and 500 U.S.-based employers. It is part of a recently-launched federal initiative to overhaul how Americans access their health data.

The company notes that it has been credited with helping seven states reduce unemployment fraud during the pandemic by a combined total of $270 billion. The Virginia Employment Commission cut its call center volume by 57 percent after introducing ID.me last year, as digital claims rose 173 percent.

““As AI agents become ubiquitous, trusted identity tokens will enable secure, seamless interactions between people, organizations, and machines,” says Ribbit Capital General Partner Justin Saslaw. “ID.me has built one of the most advanced and widely adopted digital identity wallets in the world, giving it a durable advantage in creating and scaling the identity tokens that will power this new era.”

Article Topics

biometrics  |  digital identity  |  funding  |  ID.me  |  investment