ID.me Secures $275 Million in Funding from Ares Management to Revolutionize Digital Identity Solutions
In a significant development for digital identity solutions, ID.me, a leading provider of digital identity wallets, has successfully secured a $275 million credit facility from Ares Management, a prominent global alternative investment firm. This financial backing is set to bolster ID.me’s growth by enhancing its digital identity verification capabilities while maintaining a strong focus on security and privacy.
Rapid Growth and Market Demand for ID.me
ID.me has experienced impressive growth, currently boasting over 139 million users on its platform. Notably, 65 million of these users have achieved verification to the federal standard of IAL2 consumer authentication. The company has witnessed a staggering 450% increase in revenue since 2020, driven by strong market demand and widespread adoption of its services.
Comprehensive Digital Wallet Solutions
The ID.me platform offers a robust digital wallet that enables users to verify their identities securely online. This solution adheres to federal government standards for:
- Secure login
- Multi-factor authentication
Users can authenticate their identities through various methods, including:
- Online verification
- Video chat
- In-person options
ID.me’s services are utilized across various sectors, including government, healthcare, commercial, and non-profit organizations, facilitating quick and secure identity authentication.
Insights from Leadership
ID.me’s founder and CEO, Blake Hall, emphasized the significance of the recent credit facility and equity investment from Ares. He stated, “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.”
Hall also noted the recognition from esteemed institutional investors of ID.me’s market-leading capabilities in expanding digital access, protecting user privacy, combating fraud, and delivering a seamless user experience.
Ares Management’s Commitment
John Clark, a principal at Ares Management, expressed confidence in ID.me’s leadership in the digital identity space. He remarked, “ID.me is a category and thought leader, enabling government agencies and commercial enterprises to meet the growing demand for secure and inclusive digital access to their services while respecting end-user data privacy.”
Clark further highlighted the increasing importance of ID.me’s digital identity wallets in an evolving landscape marked by artificial intelligence and rising fraud threats. He concluded, “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.”
For more information on digital identity solutions, you can explore resources from ID.me and Ares Management.
