ID.me Secures $100 Million from Fortress to Support Record Growth
Company appoints new executives, adds 1,300 employees to support partnerships and more individuals in securing digital identity
MCLEAN, Va. — September 15, 2021— ID.me, the secure digital identity network with 60 million members, today announced it has secured $100 million in debt financing from funds managed by affiliates of Fortress Investment Group LLC (“Fortress”) 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.
The company is quickly gaining additional momentum, including:
- Expanding the ID.me digital wallet by launching a COVID Vaccine ID verification solution. ID.me’s Vaccine ID offers flexible verification options and securely digitized vaccine records for people to easily share with others as they choose.
- Adding almost 1,300 new employees since January 2021 and opening an office in Tampa, Florida, to support 500 team members.
- Naming three new executives:
- Rajat Bahri as Chief Financial Officer, formerly the Chief Financial Officer of Wish, Jasper and Trimble.
- Kevin Lyons as Chief People Officer, formerly the Chief People Officer of Brinks Home Security.
- Recognized authentication expert Alexei Czeskis as VP of Engineering, formerly an engineering leader for Google’s account security, authentication and recovery team.
- Winning two blanket purchase agreements with government agencies worth over $1 billion each.
- Earning a spot in the 2021 Inc. 5000 list as one of the fastest-growing companies in America after experiencing three-year revenue growth of 324%. ID.me was also listed as one of the top 100 D.C. companies and top 4 security companies in the D.C., Maryland, and Virginia region.
“One of our missions for the past year has been to help states get individuals the benefits they deserve while battling massive identity fraud,” said Blake Hall, founder and CEO of ID.me. “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,” said Andy Frank, Managing Director of Fortress. “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.”
To learn more about ID.me, visit https://www.id.me/.
ID.me simplifies how individuals prove and share their identity online. The ID.me secure digital identity network has 60 million members with over 100,000 new subscribers joining daily, as well as partnerships with 27 states, multiple federal agencies, and over 500 name brand retailers. The company provides identity proofing, authentication and group affiliation verification for organizations across sectors. The company’s technology meets the federal standards for consumer authentication and is approved as a NIST 800-63-3 IAL2 / AAL2 conformant credential service provider by the Kantara Initiative. ID.me’s Identity Gateway also has a Federal Risk and Authorization Management Program (FedRAMP) Moderate Authority to Operate (ATO). ID.me is the only provider with video chat and is committed to “No Identity Left Behind” to enable all people to have a secure digital identity. To learn more, visit https://www.ID.me/