Prove Identity solidifies position in digital identity market with $40m backing

Prove Identity

Prove Identity, a leading name in digital identity solutions, has proudly announced the receipt of a notable $40m funding round.

This significant investment round was spearheaded by the renowned MassMutual Ventures and Capital One Ventures.

In today’s digital landscape, Prove Identity stands out as a true trailblazer in the domain of digital identity verification and authentication. This $40m financial backing, which closely followed a 40% surge in new international customer acquisition this year, reaffirms Prove’s dominant position in the industry.

The company plans to deploy this new capital injection towards the introduction of innovative commerce enablement and anti-fraud mechanisms. Moreover, the funds will also support Prove’s ambitious global outreach and aid in tackling the ever-evolving cyber threats in the modern digital ecosystem.

Rodger Desai, the Co-Founder and Chief Executive Officer of Prove, passionately believes in the transformative power of digital identity. He remarked, “As our daily lives become increasingly digital, Prove’s mission is to be the global standard for fast, secure, and privacy-first digital identity. This funding will further our work toward comprehensive digital identity solutions that secure the future for all.”

Prove’s cutting-edge identity verification platform is geared towards offering businesses an effortless yet secure consumer interaction experience. The company has set benchmarks with solutions like the Prove Pre-Fill® identity verification system, ensuring a faster onboarding process and significantly reducing fraud risks.

Charles Svirk, Partner at MassMutual Ventures, expressed his confidence in Prove’s potential to redefine the digital identity landscape. “Prove is driving a paradigm shift in how businesses and consumers interact securely. We’re delighted to continue supporting Prove as they redefine how we look at digital identity.”

What makes Prove stand out is its innovative use of mobile phones – a device ubiquitous with adults today – for authentication across platforms, be it mobile, desktop, or in-store. Notably, the company’s client portfolio includes major U.S. banks, global cryptocurrency exchanges, leading retailers, healthcare giants, and insurance behemoths.

Jaidev Shergill, who leads Capital One Ventures, commented on Prove’s impressive capabilities. “Prove addresses mobile identity verification and authentication with speed and efficiency. Prove has shown strong traction across a range of industries and meets what we consider a mission-critical need.”

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