The funding came from Ares Management and is designed to accelerate ID.me’s mission to revolutionise secure digital identity verification, expanding access while ensuring privacy protection and fraud prevention, according to the official press release.
This financing comes amid a period of substantial growth for ID.me. The platform has enrolled over 139 million users, with 65 million verified to federal IAL2 authentication standards. Since 2020, ID.me’s revenue has surged by over 450%, demonstrating the increasing demand for trusted identity verification solutions.
As the only digital wallet meeting federal government standards for secure login and multi-factor authentication, ID.me provides flexible identity verification options, including online, video chat, and in-person verification, at NIST Identity Assurance Level 2. Users can seamlessly prove their identity and access services across government, healthcare, commercial, and non-profit sectors within the ID.me network.
According to the Founder and CEO of ID.me, this credit facility from Ares, along with its planned equity investment, provides essential capital to scale the company's growth strategy and achieve sustainable profitability. ID.me is reportedly pleased that esteemed institutional investors recognise its role in expanding digital access, protecting privacy, fighting fraud, and improving user experience.
Ares Management, a global alternative investment firm with over USD 464 billion in assets under management as of 30 September 2024. The company brings deep expertise in funding high-quality software and technology ventures. The Principal at Ares Management highlighted the importance of ID.me’s role in the evolving digital landscape, stating that ID.me is a leader in digital identity, helping government agencies and enterprises provide secure and inclusive digital access while safeguarding user privacy. As AI transforms industries and fraud risks increase, Ares Management believes that ID.me’s digital identity wallets will play a crucial role in maintaining trusted connections between organisations and their users.
With this strategic investment, ID.me is poised to further strengthen its position as a trusted provider of digital identity solutions, ensuring secure, frictionless access for millions of users.
In November 2024, ID.me announced that it expanded its valuation after the company successfully completed a tender offer that placed its worth at USD 1.8 billion.
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