Prove Identity announced a $40 million funding round on October 17, 2023, led by MassMutual Ventures and Capital One Ventures. Prove said it would use the money to expand globally and develop commerce and fraud-prevention applications for its digital identity verification and authentication software.
What Prove Identity does
Prove sells identity verification and authentication software to businesses. Its tools are designed to help companies verify customers during onboarding and authenticate them when they access services or complete transactions. The company describes its platform and Prove Identity Network as supporting digital interactions across the consumer journey, including mobile, desktop and in-store channels.
Prove was previously known as Payfone and rebranded in 2020, according to TechCrunch. The investor profile for MassMutual Ventures describes its business customers as banks, insurers, brokerages and technology companies, among others.
How its phone-centered identity approach works
In its 2023 announcement, Prove described Prove Pre-Fill as a solution for identity verification during onboarding and authentication. TechCrunch reported that Prove links phone SIM data with smartphone functions such as facial recognition to authenticate a user. The approach can then support pre-filling information, customer verification flows and password-free authentication.
The Tool Desk
Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →These descriptions come from Prove and contemporaneous reporting; they are not an independent security assessment or a controlled test of the technology. Businesses evaluating identity providers should compare the signals each service uses, the channels it supports, the friction it adds for customers, its security and fraud controls, and the independence and quality of its performance evidence.
Who led the $40 million round and what Prove said it would fund
MassMutual Ventures and Capital One Ventures led the round, announced by Prove on October 17, 2023. MassMutual Ventures partner Charles Svirk was quoted in the announcement and was reported to be joining Prove’s board.
Prove said the funding was intended to support:
- New commerce-enablement and fraud-fighting use cases.
- Continued global expansion.
- Work to address evolving threats facing institutions in the digital economy.
These were plans stated at the time of the announcement; the announcement does not establish how the funds were later used or Prove’s current financial position.
What the company reported about its business and results
Prove presented the financing alongside figures about its business and platform. These are company-reported figures from 2023, not independently validated outcomes in the cited material.
Quick wins for a faster PC:
Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Clear out junk files and repair common Windows errorsFree Scan →| Figure | What Prove said it referred to | Qualification |
|---|---|---|
| More than 1,000 businesses | Businesses relying on Prove | Prove-reported as of its October 17, 2023 announcement. |
| Over 40% | New international customer growth year to date | Prove-reported for 2023; this is not a total customer growth rate or a current rate. |
| Up to 79% faster onboarding | Onboarding speed associated with Prove’s platform | Prove-reported; the announcement does not establish study design or independent validation. |
| 35% reduction in abandonment | Customer abandonment associated with the platform | Prove-reported; the announcement does not establish study design or independent validation. |
| 75% reduction in fraud relative to attack rate | Fraud performance associated with the platform | Prove-reported; the announcement does not establish study design or independent validation. |
Prove also said its customers included nine of the top ten 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 ten U.S. insurers. It listed partnerships with Visa, FanDuel and Experian and said it had launched Prove Auth for passwordless login and omnichannel authentication. These customer and product statements reflect the company’s announcement, not a current customer count or independent verification.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is known about Prove’s valuation
Prove did not disclose an exact valuation with its funding announcement. TechCrunch reported, citing sources close to the company, that the valuation was above $1 billion. That should be treated as attributed reporting, not a valuation confirmed by Prove.
Quick Recap
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