Highlights:

  • Prove has been around since 2008 and provides smartphone identity verification and application programming interface solutions.
  • One of Prove’s key solutions is Prove Pre-Fill, an identity verification solution designed to ensure secure onboarding and authentication processes.

Recently, mobile identity verification and authentication solutions company Prove Identity Inc. announced that it has raised USD 40 million in new funding to launch new use cases for enabling commerce and fighting fraud, as well as to go global and address the evolving threats that public and private institutions face in the digital economy.

Prove has been around since 2008 and provides smartphone-based identity verification and application programming interface solutions. The business boasts of having the world’s most accurate identity verification and authentication platform.

The platform is said to modernize how consumers prove their identity while streamlining and securing the digital economy by giving businesses the confidence to do more. The platform from Prove was created to modernize the process of establishing and maintaining digital trust throughout the digital consumer journey. It offers precise identity verification and authentication while facilitating a frictionless user experience.

In this year, 2023, Prove’s offerings notably feature “artificial intelligence advancements,” although the precise details remain undisclosed. One of the company’s key solutions is Prove Pre-Fill, an identity verification solution designed to ensure secure onboarding and authentication processes. The solution reportedly accelerates onboarding by 79%, reduces abandonment by 35%, and slashes fraud incidents by 75%.

During its 15-year journey, Prove has garnered a strong following. Its customer base encompasses nine of the top 10 U.S. banks, two of the leading three global cryptocurrency exchanges, three of the five primary U.S. retailers, two of the dominant three U.S. healthcare companies, and six of the top 10 insurance firms in the U.S. Prove has earned recognition through notable clients, including DocuSign Inc., Synchrony Financial, BiltRewards Inc., Starbucks Corp., T.D. Ameritrade Holding Corp., and the BlueCross BlueShield Association.

Leading the new funding round for Prove are MassMutual Ventures LLC and Capital One Ventures LLC.

MassMutual Ventures Partner Charles Svirk stated, “Prove is driving a paradigm shift in how businesses and consumers interact securely. 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.”

With this latest round, Prove has secured a total funding of USD 144 million, as reported by Tracxn. Notable previous investors comprise Stack Capital Group Inc., Opus Capital Ventures L.P., RRE Ventures L.P., Verizon Ventures LLC, and American Express Ventures LLC.