Mobile identity verification and authentication solutions startup Prove Identity Inc. announced today that it has raised $40 million in new funding to launch new commerce enablement and fraud-fighting use cases, global expansion and to address the evolving threats faced by public and private institutions operating in the digital economy.

Founded in 2008, Prove offers smartphone-based identity verification and application programming interface solutions. The company claims that it offers the world’s most accurate identity verification and authentication platform.

The platform is said to simplify and secure the digital economy by providing businesses with the confidence to do more while modernizing the way consumers prove who they are. Prove’s platform has been designed to modernize how digital trust is established and maintained throughout the digital consumer journey, providing accuracy in identity verification and authentication while delivering a frictionless consumer experience.

It’s 2023, so naturally, Prove’s offering includes “artificial intelligence advancements,” although exactly what those are is not clear. The company’s solutions include the Prove Pre-Fill identity verification solution that is said to deliver secure onboarding and authentication processes, delivering 79% faster onboarding, a 35% reduction in abandonment and a 75% reduction in fraud.

In its 15 years, Prove has found a willing audience and its customer base includes nine of the top 10 U.S. banks, two of the top three global cryptocurrency exchanges, three of the top five U.S. retailers, two of the top three U.S. healthcare companies, and six of the top 10 insurance companies in the U.S. Notable clients include DocuSign Inc., Starbucks Corp., Bilt Rewards Inc., TD Ameritrade Holding Corp., Synchrony Financial and the BlueCross BlueShield Association.

The new funding round was led by MassMutual Ventures LLC and Capital One Ventures LLC.

“Prove is driving a paradigm shift in how businesses and consumers interact securely,” Charles Svirk, partner at MassMutual Ventures, said in a statement. “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.”

Including the new round, Prove has raised $144 million to date, according to data from Tracxn. Previous investors include Stack Capital Group Inc., Opus Capital Ventures L.P., RRE Ventures L.P., Verizon Ventures LLC and American Express Ventures LLC.

Image: Prove Identity