ID.me has announced the successful closure of a $67m secondary tender investment, bolstered by new investor Ribbit Capital and existing stakeholders Viking Global Investors and CapitalG.
Blake Hall, founder and CEO of ID.me, emphasised the importance of the investment, stating, “Our rapid growth trajectory and user adoption have been recognized by esteemed institutional investors, and this transaction highlights the differentiation our market-leading outcomes of expanding digital access, protecting privacy, fighting fraud, and ensuring frictionless user experience are receiving in the market.”
ID.me aims to simplify identity verification with its digital identity wallet, providing a seamless login experience for users to access websites and share verified credentials securely. By eliminating repetitive form-filling and enabling users to reuse their verified data, ID.me is tackling the password management challenge head-on.
The platform supports online, video chat, and in-person identity verification, adhering to the National Institute of Standards and Technology’s (NIST) Identity Assurance Level 2 (IAL2) standards, which include secure login and multi-factor authentication.
ID.me’s network extends across government agencies, healthcare providers, and commercial entities, allowing users to log in and verify their identity within seconds. The platform has enrolled over 135 million users, including 62 million who meet federal IAL2 authentication standards. This milestone comes less than eight months after the platform surpassed 50m verified users, with daily enrolments averaging over 60,000 new users.
The company has experienced extraordinary financial success, with revenue growing by 370% between 2020 and 2023. ID.me’s innovative solutions continue to drive adoption across diverse sectors, underpinned by its commitment to consumer trust in the digital economy.
Justin Saslaw, general partner at Ribbit Capital, commented on the investment, ““In an increasingly digital and AI-driven world, new challenges and opportunities around managing identity are emerging daily as the value of securing and validating data grows across the economy. ID.me is uniquely positioned to build a safe, reusable identity wallet that simplifies consumer experiences while solving complex pain points across a growing range of industries and use cases. A trusted identity layer for the Internet will empower consumers and enterprises by reducing fraud, increasing access, and enabling seamless, personalized interactions.”
Keep up with all the latest FinTech news here
Copyright © 2024 FinTech Global
