back Back

Prove raises $40m to expand global digital identity verification

By Delisha Fernandes

October 18, 2023

  • Capital One Ventures
  • Digital Identity Verification
  • Fintech news
Share

Prove Identity, MassMutual Ventures, Capital One Ventures, investment, digital identity verification, mobile phone, retailers, Fintech news, fintech USAProve, a digital identity solutions, has announced a $40 million funding round led by MassMutual Ventures and Capital One Ventures.

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.”

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. Prove enables businesses to provide frictionless digital consumer experiences without compromising security.

Through innovations like its  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 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.”

Previous Article

October 18, 2023

Safexpay unveils NeuX to digitise payments for MSMEs and B2B

Read More
Next Article

October 18, 2023

Faad Network invests in InsurStaq.ai, a GenAI InsurTech Startup

Read More






IBSi Daily News Analysis

Data privacy

July 16, 2024

Capital One Ventures

Rise in sophisticated attacks, state-level threats, and increased ransom DDoS Incidents

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

July 15, 2024

Daiwa Capital Markets Europe selects Delta Capita for CLM service

Read More

July 12, 2024

DCB Bank taps CyberArk to deliver secure services to customers

Read More

July 11, 2024

Signzy brings 2G enabled VKYC to propel financial inclusion in rural India

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q2 2024
Know More
NextGen WealthTech: The Trends To Shape The Future Q4 2023
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2024