Ares Management funds closed a $275 million credit facility with ID.me, a digital identity wallet. Ares also plans to make a substantial equity investment in ID.me.
Proceeds will fuel ID.me’s continued acceleration, as ID.me aims to revolutionize the way Americans securely prove their identity online, expanding digital access while protecting privacy and preventing fraud.
“This credit facility provided by Ares, combined with its anticipated equity investment, provides substantial capital to accelerate our roadmap and growth strategy, scaling ID.me to the next phase of growth and sustainable profitability,” Blake Hall, founder and CEO of ID.me, said. “Coming soon after our recent secondary tender, we are pleased that esteemed institutional investors are recognizing our market-leading outcomes expanding digital access, protecting privacy, fighting fraud and ensuring frictionless user experience.”
“ID.me is a category and thought leader in the digital identity space, enabling government agency and commercial enterprise customers to navigate the demand for secure and inclusive digital access to their services while respecting end-user data privacy,” John Clark, principal at Ares Management, said. “As the world continues to be transformed by AI and vectors of fraud proliferate, we believe that ID.me’s digital identity wallets will become increasingly important in facilitating the consistent and fraud-resistant connections between these large organizations and their users. Ares is excited to work with Blake and the rest of the ID.me team, and we look forward to supporting ID.me’s next phase of growth.”
