Prove Identity raises $40 million to boost its digital identity solutions

Prove Identity 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, CEO of Prove. “This funding will further our work toward comprehensive digital identity solutions that secure the future for all.”

Prove’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.

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 is driving a paradigm shift in how businesses and consumers interact securely,” said Charles Svirk, Partner at MassMutual Ventures, who will be joining Prove’s Board of Directors. “As consumers continue to experience risk in their engagement with brands, Prove’s solutions ensure that verified and authenticated information is being used, enabling brands to drive both loyalty and revenue. We’re delighted to continue supporting Prove as they redefine how we look at digital identity.”

Prove’s technology is unique in that it uses something nearly every adult already has – a mobile phone – to securely verify identities in channels such as mobile, desktop, and even in-store. Prove’s customers include 9 of the top 10 U.S. banks, 2 of the top 3 global cryptocurrency exchanges, 3 of the top 5 U.S. retailers, 2 of the top 3 U.S. healthcare companies, and 6 of the top 10 insurance companies in the U.S.

“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.”