FTV Capital Leads $19 Million Growth Equity Investment in ID.me
Federally Accredited Digital Identity Company Provides Secure Verification for Employees and Users of Government Agencies, Healthcare Organizations, and Financial Institutions
McLean, VA (March 8, 2017) — ID.me, a federally accredited digital identity company, today announced that it secured a $19 million Series B investment led by FTV Capital. With the financing, the company will further invest in sales, marketing and product development. ID.me’s Identity Gateway allows individuals to tie their legal identity to a digital login that is accepted across multiple websites, eliminating the need to create a new login or to verify identity at each site directly. As part of the transaction, FTV Capital partner Liron Gitig will join the company’s board of directors.
“Establishing trust between two parties is a necessary step to delivering high-value services online,” said Blake Hall, CEO and founder of ID.me. “When users can’t prove who they are online in a secure and efficient manner, they either give up out of frustration or resort to time intensive, frustrating processes to prove their identity such as in-person visits and manual paper-based processes. ID.me’s technology makes it easy for individuals to securely verify their identity online in order to increase access to important services like government benefits, healthcare and banking. We are excited to partner with FTV Capital because of their longstanding track record in helping innovative, high growth companies scale, especially in enterprise technology, security and financial services.”
“The more we work, shop and find entertainment online, the more necessary it is for consumers to have private, secure and easily managed digital identification. The current way online identity is verified is broken. ID.me’s advanced technology has proven to fix this pain point at scale. As a federally accredited identity provider in the U.S., ID.me is well positioned for growth in government and financial services markets, but also through promotion and loyalty programs in retail and ecommerce,” explained Liron Gitig, partner at FTV Capital. “Blake and his team at ID.me have made significant technology advances and built an unparalleled opportunity to transform digital identity.”
ID.me’s Identity Gateway verifies identity by remotely checking government issued identity documents with machine vision, mobile network operator (MNO) data, authoritative government and commercial databases, along with device identity and fraud algorithms.
ID.me provides Identity-as-a-Service to over 200 organizations, including Veterans Affairs, State of Maine, Fanatics, Under Armour and USAA. Prior to deploying ID.me’s technology through a prime contract awarded to Ad Hoc LLC, some Veterans had to visit a VA facility in-person in order to upgrade their DoD self-service DS Logon for online access to services like prescription refill and messaging with their healthcare provider. Today, with ID.me’s technology, Veterans can access those same services anywhere they have a connection to the internet by registering a Vets.gov account using ID.me’s online Identity Gateway. Five additional federal agencies and a state government are currently integrating ID.me’s technology to improve access for citizens.
ID.me’s Identity Gateway streamlines authentication, identity proofing and federation of external identity and attribute providers through a single API. By leveraging remote verification of government issued identity documents, MNO data, and attribute validation, ID.me’s login attained accreditation from GSA’s FICAM TFS program at Levels of Assurance 1, 2, and 3 against NIST 800-63-2 standards so that multiple federal agencies can trust a common login. The ID.me Identity Gateway includes a double-blinded credential broker and an attribute exchange to support federation of additional identity and attribute providers. ID.me’s Identity Gateway supports over 200 relying parties including the VA, USAA, Ford, Maine, Under Armour and MLB Advanced Media. For more information, please visit https://www.id.me/.
About FTV Capital
FTV Capital is a growth equity investment firm that has raised over $2.7 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology & services, financial services and payments & transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for nearly two decades. Founded in 1998, FTV Capital has invested in 96 portfolio companies including enterprise technology companies in the security and compliance sectors such as Actimize (acquired by NICE in 2007), Aveksa (acquired by EMC/RSA in 2013), Cloudmark, e-Security (acquired by Novell in 2006), KVS (acquired by Veritas in 2004), and Trustwave (acquired by Singapore Telecom in 2015). FTV has offices in San Francisco and New York. In 2016, FTV Capital was ranked #7 on Institutional Investor’s Fintech Finance 35. For more information, please visit www.ftvcapital.com.
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