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ID.me Raises $100 Million from Fortress Investment Group
Over the past year, ID.me has expanded or entered into new partnerships with six federal agencies and 27 states. The company has grown its commercial partnerships to over 500, with travel and hospitality revenue climbing 420 percent.
Fremont, CA: ID.me, the secure digital identity network with 60 million members, has secured $100 million in debt financing from funds managed by affiliates of Fortress Investment Group LLC and $20 million in revolving credit. This follows the company's Series C round in March, securing $100 million in funding at a $1.5 billion valuation. The new financing will support ID.me's rapid growth along with the development of its secure digital identity network for all consumers.
ID.me identity and group verification have enabled millions of people to access everything from services like pandemic-related unemployment benefits to prescription medications and travel discounts.The company is quickly gaining additional momentum, including:
- Expanding the ID.me digital wallet by launching a COVID Vaccine ID verification solution. ID.me's Vaccine ID offers flexible verification options and securely digitized vaccine records for people to easily share with others as they choose.
- Adding almost 1,300 new employees since January 2021 and opening an office in Tampa, Florida, to support 500 team members.
- Naming three new executives:
- Rajat Bahri as Chief Financial Officer, formerly the Chief Financial Officer of Wish, Jasper and Trimble.
- Kevin Lyons as Chief People Officer, formerly the Chief People Officer of Brinks Home Security.
- Recognized authentication expert Alexei Czeskis as VP of Engineering, formerly an engineering leader for Google's account security, authentication, and recovery team.
- Winning two blanket purchase agreements with government agencies worth over $1 billion each.
- Earning a spot in the 2021 Inc. 5000 list as one of the fastest-growing companies in America after experiencing three-year revenue growth of 324%. ID.me was also listed as one of the top 100 D.C. companies and top 4 security companies in the D.C., Maryland, and Virginia region.
"One of our missions for the past year has been to help states get individuals the benefits they deserve while battling massive identity fraud," said Blake Hall, founder, and CEO of ID.me. "Now, with this new financing, we can double down on our corporate vision to solve every digital citizen's biggest pain point -- the multiple password problem. We're passionate about enabling people to have one trusted login that securely verifies their identity, so they don't have to create a new password for every website they visit. Not only are we streamlining an inefficient process, but we're also giving individuals full control of their personal data, which is currently scooped up by data brokers. In short, we're creating the identity layer of the internet."
Today, over 100,000 people across the U.S. are joining ID.me every day to secure and control their own digital identity and gain secure access to benefits and services. In partnership with the Arizona Department of Economic Security (DES), ID.me saved the agency $40 billion in payouts on fraudulent Pandemic Unemployment Assistance claims.