Prove Identity raises USD 40 million in funding round

Through its identity verification and authentication platform, Prove enables businesses to develop frictionless consumer experiences while adhering to security standards as emerging fraud vectors, including those powered by AI advancements, continue to expand. According to company data, the Prove Pre-Fill identity verification solution shows up to 79% faster onboarding, a 35% reduction in abandonment, and a 75% decrease in fraud.

Officials from the company stated their commitment to offer their customers a fast, secure, and privacy-first digital experience, with the funding consolidating their work toward comprehensive solutions. Moreover, Prove’s services aim to ensure that verified and authenticated information is being used when consumers engage with brands, allowing companies to increase both their retention and revenue.

Prove’s technology uses mobile phones to securely verify identities in channels such as mobile, desktop, and in-store, with its customers including approximately 1,000 enterprises and 500 financial institutions across the globe. The latest round of funding allows Prove to continue its expansion and product development. Within the past year, Prove announced multiple partnerships, including ones with Visa and Experian.  

Prove’s solutions aim to help businesses increase revenue, improve customer acquisition, enhance cybersecurity, mitigate fraud, and eliminate the costs of legacy identity verification solutions. The company offers its services to enterprises in the banking, healthcare, public sector, crypto, insurance, online gaming, fintech, and marketplace industries, as well as to merchants.

Prove provides a suite of services, including Prove Pre-Fill and Prove Identity for digital onboarding, Prove Auth and Prove Identity Manager for digital servicing, API Marketplace, and the Pinnacle Platform, as well as global solutions for mitigating fraud. With Prove Identity, companies can validate the phone number, full name, address, date of birth, email, and SSN of a customer, while also risk scoring in real-time for a simplified and secure onboarding and ongoing verification process.

Moreover, the company’s objectives are to modernise the way digital trust is established and maintained throughout the digital consumer journey, providing accuracy in identity verification and authentication, while offering an improved customer experience. 

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