Prove raises $100M for its mobile phone-based digital verification and ID platform
TechCrunch reporter Ingrid Lunden covered the news of our $100 million funding round led by Apax Digital in an exclusive last week.
“As an increasing number of daily and essential services move to digital platforms — a trend that’s had a massive fillip in the last few months — having efficient but effective ways to verify that people are who they say they are online is becoming ever more important,” Lunden writes. “Now, a startup called Prove, which has built a B2B2C platform to identify and verify people using data (but no personal data) gleaned from your mobile phone, has raised $100 million to expand its business.”
Lunden also notes that the market for authentication and verification services is projected to grow to $12.8 billion by 2024, according to MarketsandMarkets. She goes on to explain that while “there seems to be an almost infinite amount of variations, approaches and companies offering services to carry out the work… there’s also a push to develop more seamless and user-friendly, and essentially invisible, approaches, and that’s where Payfone sits.”
Lunden also highlights that Payfone’s commitment to and focus on protecting users and their data privacy has been a differentiator and has helped it stand out to investors.
Read the full article at TechCrunch.
Keep reading
Read the article: Why Prove Matters When Identity Data Leaks Become Critical Infrastructure FailuresAs large-scale data breaches expose billions of identity records, traditional identity verification and KYC models fail under automated fraud, making cryptographically anchored, persistent digital identity critical infrastructure.
Read the article: How Prove’s Global Fraud Policy Stops Phone-Based Fraud Others MissLearn how Prove’s Global Fraud Policy (GFP) uses an adaptive, always-on engine to detect modern phone-based threats like recycled number fraud and eSIM abuse. Discover how organizations can secure account openings and recoveries without increasing user friction.
Read the article: Prove Supports Safer Internet Day: Championing a Safer, More Trustworthy Digital WorldProve proudly supports the goals and initiatives behind Safer Internet Day, a worldwide effort that brings together individuals, organizations, educators, governments, and businesses to promote the safe and positive use of digital technology for all, especially young people and vulnerable users.
