- Prove Identity, a New York-based ID verification firm, secures $40 million in funding from MassMutual Ventures and Capital One Ventures.
- Founded in 2008 by Mike Brody and CEO Rodger Desai, Prove specializes in digital identity verification and authentication to enhance customer acquisition while maintaining security standards.
- Prove Identity serves over 1,000 clients, including major financial services companies like NatWest, Barclays, Mastercard, and nine of the top U.S. banks.
- Their technology allows users to verify their identities via mobile phones, eliminating the need for document scanning or selfies, resulting in faster onboarding and a 35% reduction in abandonment.
- Prove employs “Phone-Centric identity” technology, which leverages mobile, telecom, and behavioral data for identity verification.
- The company addresses emerging fraud types such as authorized push payment (APP) and account takeover (ATO) fraud. They launched Prove Auth, a passwordless login and omnichannel authentication solution last year.
- Prove plans to use the funding to expand internationally and enhance its technology to combat new fraud challenges, including those driven by AI advancements.
- Prove Identity recently established an engineering and technology hub in India and entered the Brazilian market through a partnership with cybersecurity firm e-Safer.
