ID.me, a digital identity wallet provider, has secured a $275m credit facility from Ares Management, a global alternative investment firm.
Alongside this, Ares intends to make a significant equity investment in the company.
The financing aims to support ID.me’s continued expansion as it enhances digital identity verification solutions while prioritising security and privacy.
The company has seen rapid growth, with over 139 million users onboarded to its platform, of which 65 million have been verified to the federal standard of IAL2 consumer authentication. Since 2020, ID.me’s revenue has surged by more than 450%, reflecting strong market demand and adoption.
ID.me provides a comprehensive digital wallet enabling users to securely verify their identity online. The platform meets federal government standards for secure login and multi-factor authentication, offering verification through online, video chat, and in-person options. The solution is widely used across government, healthcare, commercial, and non-profit sectors, allowing individuals to authenticate themselves quickly and securely.
ID.me founder and CEO Blake Hall said, “This credit facility provided by Ares, combined with its anticipated equity investment, provides substantial capital to accelerate our roadmap and growth strategy, scaling ID.me to the next phase of growth and sustainable profitability.
“Coming soon after our recent secondary tender, we are pleased that esteemed institutional investors are recognizing our market-leading outcomes expanding digital access, protecting privacy, fighting fraud, and ensuring frictionless user experience.”
John Clark, principal at Ares Management, added, “ID.me is a category and thought leader in the digital identity space, enabling government agency and commercial enterprise customers to navigate the demand for secure and inclusive digital access to their services while respecting end-user data privacy.
“As the world continues to be transformed by AI and vectors of fraud proliferate, we believe that ID.me’s digital identity wallets will become increasingly important in facilitating the consistent and fraud-resistant connections between these large organizations and their users. Ares is excited to work with Blake and the rest of the ID.me team, and we look forward to supporting ID.me’s next phase of growth.”
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