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Prove Identity, formerly known as Payfone, is a digital identity authentication platform founded in 2008 and headquartered in New York. The company offers phone-centric solutions that enable businesses to verify customers while combating fraud and cyberattacks. Prove Identity's innovative approach leverages Phone-Centric Identity to safeguard vital components of digital existence across various sectors, including banking, commerce, payments, cryptocurrency, gaming, insurance, and healthcare.
The company has demonstrated significant growth and market traction in recent years. According to reports, Prove grew its international business by approximately 40% in 2023 and is cash-flow positive. The company's revenue has reportedly grown around 90% year-over-year over the last four years, with 2021 revenue reaching $109 million. Prove Identity's customer base includes nine of the top ten U.S. banks, two of the top three global cryptocurrency exchanges, and several other major players across various industries.
While there is no official news regarding Prove Identity's IPO prospects, the company's recent performance and market position have garnered attention in the identity verification and authentication space. Prove Identity has secured significant funding, with its latest Series I round in October 2023 raising $43.91 million at a reported valuation of $1.33 billion. This funding round, led by Capital One Ventures and MassMutual Ventures, brings the company's total raised capital to $247.83 million.
The global identity and access management market, in which Prove Identity operates, is projected to grow at a compound annual growth rate (CAGR) of 12.6% from 2023 to 2030, reaching $41.5 billion in revenue by 2030. This market growth, driven by factors such as increasing reliance on digital platforms and rising awareness of regulatory compliance management, could potentially influence the company's future strategic decisions.
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While Prove Identity's IPO prospects remain uncertain, investors interested in the digital identity and authentication sector don't have to wait. At Linqto, we offer members access to interests in promising private companies before they go public. Our platform provides opportunities to invest in potential industry leaders like Prove Identity, with lower minimum investments than traditional private equity options. This allows you to diversify your portfolio and potentially benefit from the growth of innovative companies in the cybersecurity and identity verification space.
*These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO. The information provided above is based on current online discussions and is not intended as investment advice. Linqto does not endorse or guarantee the accuracy of this information, and we strongly recommend conducting your own research or consulting with a professional advisor before making any investment decisions. Linqto cannot be held liable for any investment outcomes resulting from the use of this information.
