Digital identity authentication solution Payfone has closed a new funding round on $24m.
The capital injection was led by TransUnion, an information solution developer, with additional support coming from existing investors Synchrony, MassMutual Ventures, and Wellington Management.
As part of the deal, TransUnion is establishing a strategic partnership with Payfone which will support collaboration between the two companies and their work in the digital ecosystem, it said. Through this, TransUnion will integrate Payfone trust score solution with its own IDVision product.
In addition to this, Payfone has stated TransUnion will be its primary partner for regulated identity verification information. TransUnion senior vice president of global fraud and identity solutions Geoff Miller has also joined the Payfone board of directors.
Payfone is a digital identity authentication solution which enables banks, insurers, brokers and technology companies to lower fraud and cyberattack threats through real-time customer verification. One of its tools builds a trust score for consumers and determines confidence in the identity through real-time insights at the point of transaction.
Payfone CEO Rodger Desai said, “The fear of identity fraud and cyberattacks holds the digital economy back from its full potential.
“For example, in lending, it’s striking that today five times more loan applications are approved in-person than on-line, despite credit worthiness. With our partnership with TransUnion, we can now leverage TransUnion’s footprint of more than 30 countries to help expand our Trust Score?? around the globe, allowing billions of additional consumers to safely access digital services.”
TransUnion designs a range of information-powered solutions which utilise data to help organisations improve management of credit, personal information and identities. The company leverages historic and alternative data sources to uncover trends and insights.
Last year, the RegTech company revealed its plans to launch its authentication services into 35 new global markets in 2019. Some of the countries Payfone is looking to move into include Australia, Canada, Chile, Nigeria, Italy, Singapore and the UK.
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