ID.me, a secure digital identity network with 60 million members, secured $100 million in debt financing from funds managed by affiliates of Fortress Investment Group 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.
Over the past year, ID.me has expanded or entered into new partnerships with 6 federal agencies and 27 states. The company has grown its commercial partnerships to over 500, with travel and hospitality revenue climbing 420%. ID.me identity and group verification has enabled millions of people to gain access to everything from services like pandemic-related unemployment benefits to prescription medications and travel discounts.
“One of our missions for the past year has been to help states get individuals the benefits they deserve while battling massive identity fraud,” Blake Hall, founder and CEO of ID.me, said. “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 Arizona Department of Economic Security (DES), ID.me saved the agency $40 billion in payouts on fraudulent Pandemic Unemployment Assistance claims.
“ID.me is a leader in the business of trust, and Blake Hall is a pioneer in the trusted identity market,” Andy Frank, managing director of Fortress, said. “We’re big believers in the company’s vision, leadership, and execution, which are driven by Blake’s passion to use technology for good. We’re excited to back Blake and ID.me as they continue to build the identity layer of the internet.”