Prove joined the Unicorn Club on October 2023, after raising a $40M venture round, achieving a valuation of over $1B. The company provides phone-based identity verification and authentication solutions, including real-time behavioral analysis, identity tokenization, and fraud prevention. Prove’s platform enables enterprises to deliver secure and seamless consumer experiences while reducing fraud.
What Is Prove and What Does It Do?
Prove, founded in 2008 by Mike Brody and Rodger Desai, Prove is headquartered in New York City, providing access to a thriving fintech ecosystem, enterprise clients, and top tech talent.
The company has 251–500 employees and focuses on phone-based digital identity verification. Its solutions streamline digital onboarding, servicing, and fraud prevention across various sectors, including banking, healthcare, online gaming, and others.
How Much Funding Has Prove’ Raised?
1. Venture Round
- Amount Raised: $40M
- Date: October 2023
- Lead Investors: MassMutual Ventures, Capital One Ventures
- Motivation: To develop new tools for digital payments, commerce, and fraud detection.
2. Series H
- Amount Raised: $100M
- Date: June 2020
- Lead Investors: Apax Digital
- Motivation: To support the company's rebranding and growth initiatives.
3. Series G
- Amount Raised: $15.1M
- Date: April 2019
- Lead Investors: TransUnion
- Motivation: To expand market reach and improve service offerings.
Total Funding Raised: $268 Million
Current Valuation: $1 Billion (as of Oct 2023)
Latest Funding Date: October 2023
Key Investors
1. Capital One Venture
- Details: Capital One Ventures is the venture capital arm of Capital One Financial Corporation, focusing on investing in innovative companies aligned with Capital One's strategic interests.
- Investment Focus Areas: Fintech, data, technology.
- Notable Investments: Snowflake, Plaid.
2. MassMutual Ventures
- Details: The venture capital arm of MassMutual, investing in early and growth-stage companies that drive innovation and redefine digital identity.
- Investment Focus Areas: Fintech, healthcare, enterprise software.
- Notable Investments: Socure, LinkSquares.
3. Apax Digital
- Details: Growth equity fund managed by Apax Partners, supporting high-growth businesses in technology and digital sectors.
- Investment Focus Areas: Technology, internet, digital media.
- Notable Investments: Paycor, Signavio.
4. TransUnion
- Details: Global information and insights company providing data and analytics solutions.
- Investment Focus Areas: Information services, risk management, analytics.
- Notable Investments: TruSignal, iovation.
5. American Express Ventures
- Details: Venture arm of American Express, investing in startups that enhance their services.
- Investment Focus Areas: Fintech, commerce, consumer services.
- Notable Investments: Stripe, Bill.com.
Where Is Prove’s Headquarters?
Prove is headquartered in New York City, United States, providing access to enterprise clients, a rich fintech ecosystem, and a talent pool to drive innovation in digital identity verification.
What’s Next for Prove?
Prove is poised to expand its platform for digital payments, commerce, and fraud detection. The recent funding will accelerate global expansion, enhance tools for secure consumer interactions, and strengthen its position as a leader in digital identity solutions across banking, healthcare, and retail.
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