AuthenticID, an identity proofing solution, has secured $100m in a minority investment from Long Ridge Equity Partners.
The capital injection will help the company expand within the financial services, telecommunications, government sectors, as well as other consumer segments seeking to boost trust and mitigate fraud.
Alongside this, the company will use the funds to support the next generation of its platform.
The RegTech company supplies enterprises with identity proofing solutions that leverage AI to remove fraud incidents and increase conversion rates for a majority of the US wireless carrier market, it claims.
Founded in 2001, the Seattle-based company enables consumers to verify themselves online through their government-issued identification documents.
AuthenticID CEO Jeff S. Jani said, “Our platform is relied upon by a majority of the US wireless carriers and various identity platforms to securely establish identity.
“Our differentiator is the significant ROI we deliver to customers, from stopping more fraud to converting more sales than our digital identity competitors. Our mission is to improve the security for all of our collective identities.”
The RegTech company claims the identity proofing market is growing rapidly, as are fraud levels. It hopes the equity will help it meet the changing market needs.
Commenting on the investment, Long Ridge Founder and Managing Partner Jim Brown said, , “AuthenticID’s automated approach to Identity Proofing allows delivery of best-in-class results for their clients, especially when compared to manual and hybrid solutions.
“The shift towards digital onboarding is accelerating, and AuthenticID is positioned to help global enterprises establish identity, reduce fraud, and build trust. We are excited to partner with AuthenticID and support their vision for securing identities across the globe.”
Union Square Advisors acted as the exclusive financial advisor. DLA Piper served as legal counsel to AuthenticID, while Choate, Hall, & Stewart LLP advised Long Ridge Equity Partners.
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