ID.me LLC has raised $340 million in equity and debt financing to speed up its growth efforts.
The McLean, Virginia-based identity verification provider announced the deal on Wednesday. The equity component of the transaction was led by Ribbit Capital with participation from Ares Credit, Moonshots Capital and Positive Sum. ID.me is now worth $2 billion, up from $1.8 billion last November.
Some online services require users to verify their identity by uploading personal documents as part of the login process. ID.me provides a software toolkit that can manage the verification workflow. It thereby removes the need for developers to write the necessary code from scratch, which can save a significant amount of time.
ID.me’s software is used by more than 20 federal and 45 state agencies in the U.S. The Patent and Trademark Office, for example, relies on it to process trademark applications. ID.me’s customer base also includes hospitals, retailers and other organizations.
Consumers interact with the platform via an app called the ID.me Wallet. It can scan passports, driver’s licenses and other personal documents using a smartphone’s camera. ID.me uses computer vision algorithms to check for signs of tempering.
The company’s app also lends itself to processing other types of credentials. A feature called Attribute Exchange can verify that an individual is a student, teacher, member of the military or first responder. Enterprises can use the tool to confirm that a user who tries to sign into an internal application is an employee.
According to ID.me, processing login requests is not the only use case that Attribute Exchange supports. Retailers, for example, can use it to provide discounts to first responders. Some of the data shared by ID.me Wallet users can also power personalized marketing offers.
Organizations can adjust the difficulty of the verification workflow based on an application’s importance. For example, a hospital might ask staffers to provide two different personal documents before granting them access to an internal database. ID.me can also be configured to require multi-factor authentication.
According to the company, its platform uses several different methods to prevent hackers from accessing customer records. ID.me analyzes technical data about the device and network from which each login request is made. Additionally, the platform scans user activity patterns for anomalies that indicate the traffic might be generated by a bot.
“Secure identity is foundational to AI ecosystems that will depend on memory, context and authentication,“ said ID.me founder and Chief Executive Officer Blake Hall. “This funding strengthens our ability to expand secure digital access, protect privacy and innovate faster to stay ahead of criminal networks.”
Image: ID.me
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