ID.me, the market-leading digital identity wallet today announced it has closed a $67 million investment in the form of a tender offer led by new investor Ribbit Capital, with participation from existing investors Viking Global Investors and CapitalG.
“Our rapid growth trajectory and user adoption have been recognized by esteemed institutional investors, and this transaction highlights the differentiation our market-leading outcomes of expanding digital access, protecting privacy, fighting fraud, and ensuring frictionless user experience are receiving in the market,” said Blake Hall, Founder and CEO of ID.me.
ID.me aims to solve the password management problem once and for all by delivering a secure login Americans can use to easily access websites and prove identity wherever they go. Because ID.me’s digital wallet also enables storage of data and verified credentials, this means that Americans never have to repeatedly fill out forms and prove identity – they can simply reuse verified data tied to their digital wallet by logging in and providing consent to share data.
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ID.me is the only digital wallet that meets the federal government standards for secure login and multi-factor authentication while offering online, video chat, and in-person options for identity verification at National Institute of Standards and Technology (NIST) Identity Assurance Level 2. True to ID.me’s purpose of enabling consumer trust across the digital economy, members can use ID.me’s digital wallet to safely login and prove their identity in seconds at any government, healthcare, commercial or non-profit organization in the ID.me network.
This investment in ID.me from new and existing investors comes on the heels of major momentum as ID.me has enrolled over 135 million users into its digital wallet, representing over 50% of U.S. adults and adding on average over 60,000 new users daily. The number of these users verified to the federal standards of IAL2 consumer authentication has grown to over 62 million, less than eight months after ID.me reached 50 million IAL2 users. ID.me’s revenue has grown over 370% from 2020 through 2023, as superior results for customers and members are driving rapid growth and adoption.
The mission of Ribbit Capital is to transform the world of finance by backing visionary entrepreneurs. For over a decade, Ribbit has championed innovators working to make money more transparent and accessible around the world. Ribbit has invested in exceptional teams across five continents, including at Coinbase, Coalition, Credit Karma, Nubank, ONE, Revolut, and Robinhood.
“In an increasingly digital and AI-driven world, new challenges and opportunities around managing identity are emerging daily as the value of securing and validating data grows across the economy. ID.me is uniquely positioned to build a safe, reusable identity wallet that simplifies consumer experiences while solving complex pain points across a growing range of industries and use cases. A trusted identity layer for the Internet will empower consumers and enterprises by reducing fraud, increasing access, and enabling seamless, personalized interactions,” said Justin Saslaw, General Partner at Ribbit Capital.
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