ID.me’s $340M Funding Powers Digital Identity Expansion
ID.me, a leader in digital identity verification, recently secured $340 million in Series E financing plus a credit facility, boosting its valuation to over $2 billion and raising its total funding to $1.1 billion. Led by Ribbit Capital with participation from Ares Credit Funds, Moonshots Capital, and new investor Positive Sum, this funding arrives at a pivotal moment as fraud—largely driven by stolen identities and AI-powered deepfakes—costs the U.S. up to $521 billion annually according to the Government Accountability Office.
ID.me’s approach centers around secure, reusable digital identities, with solutions embraced by 20 federal agencies, 45 states, and more than 600 brands. With 152 million users—60% of U.S. adults—the company’s rapid growth highlights its market dominance; last year saw the addition of over 20 million new identity wallets and more than 409 million verified logins, a 44% year-over-year increase.
Founder and CEO Blake Hall emphasizes that fraud is “evolving at the speed of AI,” positioning ID.me’s platform as foundational for future AI ecosystems that rely on secure authentication. Ribbit Capital’s Justin Saslaw reinforces this vision, claiming the company is well-placed to drive trusted identity tokens in the nascent “token-driven AI economy.”
Overall, the article showcases ID.me’s ambition and strategic resilience, with its advanced identity wallet aimed at securing the rapidly digitalizing and fraud-ridden online landscape.