ID verification specialist Prove Identity bags $40m to fuel global expansion

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.