ID.me raises $340 million at $2 billion valuation

This week, digital identity network ID.me officially announced that it has successfully raised $340 million in Series E funding and secured an additional line of credit. The round was led by Ribbit Capital, with participation from existing investors Ares Credit Funds and Moonshots Capital, as well as new investors such as Positive Sum.

Following the financing, ID.me's valuation has exceeded $2 billion, signaling strong market recognition of its business model and technological approach.

Founded in 2010, ID.me's digital identity wallet service enables users to securely and conveniently verify and share their identities online without excessive disclosure of sensitive personal data.

The platform has built an extensive digital identity network, with clients including 20 federal agencies, 45 state agencies, and over 600 retail brands. These organizations leverage ID.me's technology to provide highly reliable authentication of users' identities and group affiliations, such as those of teachers, students, healthcare workers, and veterans.

"Fraud is rapidly evolving with the help of artificial intelligence, and ID.me is similarly AI-driven, maintaining its leadership in identity security.

Secure identity is the cornerstone of an AI ecosystem that deeply integrates memory, context, and authentication.

This round of funding will help us expand the boundaries of secure digital access, strengthen privacy protections, and drive faster product iteration to stay ahead of increasingly organized cybercrime," said Blake Hall, Founder and CEO.

Over the past year, ID.me has achieved significant business growth: 20.4 million new digital identity wallets were added, an average of over 55,000 per day. The platform has supported 409 million successful logins, a 44% year-over-year increase.

Currently, ID.me has over 152 million users, covering nearly 60% of the US adult population, further solidifying its position as one of the leading digital identity solutions in the country.

Commenting on the investment, Justin Saslaw, General Partner at Ribbit Capital, said, "We firmly believe the AI revolution will redefine the fabric of the global economy, with digital identity as its core infrastructure.

As AI agents become ubiquitous, trusted identity credentials will enable secure and seamless interactions between people, organizations, and machines. ID.me has built one of the world's most advanced and widely adopted digital identity wallets, offering significant advantages in the generation and scaling of identity tokens, poised to drive the next phase of the AI economy.

We look forward to working with Blake and the ID.me team to expand their leadership in the token-driven economy."

Looking forward, ID.me plans to use this financing to further its mission: to expand the adoption of reusable digital identities, effectively prevent increasingly sophisticated AI-driven fraud, and play a key role in the convergence of the digital economy and physical society.