Prove raises $40m to expand global digital identity verification
By Delisha Fernandes
Prove, 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.”
IBSi Daily News Analysis
November 28, 2023
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