#United States #McLean #ID.me #Ribbit Capital #digital identity

ID.me Secures $67 Million Investment to Propel Digital Identity Growth

McLean, Virginia, November 26, 2024 — ID.me, recognized as the leading digital identity wallet, has successfully completed a significant investment round, securing $67 million. This funding was spearheaded by Ribbit Capital, with notable contributions from existing investors like Viking Global Investors and CapitalG. The transaction not only underscores investor confidence but also signals the increasing demand for enhanced digital identity solutions.

Blake Hall, the founder and CEO of ID.me, shared his enthusiasm about the investment, stating, "Our rapid growth trajectory and user adoption have been recognized by esteemed institutional investors, and this transaction highlights the differentiation our market-leading outcomes of expanding digital access, protecting privacy, fighting fraud, and ensuring frictionless user experience are receiving in the market."

ID.me aims to solve the prevalent password management challenges faced by many users. The platform provides a secure login system that facilitates easy access to various websites while ensuring individuals can authenticate their identity seamlessly. With ID.me's digital wallet, users can store data and verified credentials, alleviating the need for repetitive form filling and identity verification processes across platforms.

The digital wallet from ID.me meets stringent federal government standards for secure logins and multi-factor authentication. It offers diverse options for identity verification, including online, video chat, and in-person methods. These features align with the National Institute of Standards and Technology's (NIST) Identity Assurance Level 2, ensuring that ID.me builds trust amongst users navigating the ever-evolving digital landscape.

Remarkably, ID.me has made significant strides in user enrollment, boasting over 135 million users — more than half of U.S. adults. The platform adds approximately 60,000 new users daily, a testament to its growing popularity. Furthermore, the number of users verified to meet federal standards has surged to over 62 million, up from 50 million just eight months prior. This growth has propelled ID.me's revenue to increase by more than 370% from 2020 to 2023, driven by the superior service it provides to its members and partners.

Ribbit Capital, with its mission centered on transforming finance, is known for investing in innovators dedicated to making financial systems more transparent and accessible. Justin Saslaw, a general partner at Ribbit, commented on the unique positioning of ID.me: "In an increasingly digital and AI-driven world, new challenges and opportunities around managing identity are emerging daily as the value of securing and validating data grows across the economy. ID.me is uniquely positioned to build a safe, reusable identity wallet that simplifies consumer experiences while solving complex pain points across a growing range of industries and use cases. A trusted identity layer for the Internet will empower consumers and enterprises by reducing fraud, increasing access, and enabling seamless, personalized interactions."

Conclusion

ID.me exemplifies the future of digital identity management, catering to a plethora of users while focusing on security, privacy, and ease of access. As identity verification continues to evolve, ID.me remains committed to its mission to ensure that nobody is left behind in the digital revolution. For further details on ID.me and its offerings, visit ID.me's website.