Invest in Prove Identity

Prove’s identity verification and authentication platform enables businesses to create frictionless consumer experiences without sacrificing security standards as new fraud vectors – including those fueled by AI advancements – continue to emerge.

Formerly known as Payfone, a mobile payments company, before pivoting in 2015 to digital identity verification and rebranding, Prove modernizes the way consumers verify who they are with ease, accuracy, and privacy.

Prove acts as essential infrastructure by leveraging Phone-Centric Identity to safeguard vital components of digital existence across sectors like banking, commerce, payments, cryptocurrency, gaming, insurance, and healthcare.

Phone-Centric Identity signals offer superior insight into detecting potentially suspicious behavior compared to traditional methods like social security numbers or passwords, which are readily available to hackers on the dark web. Hacking phone-centric identity-based verification and authentication would require a fraudster to purchase a phone in the victim's name, commit to paying for it over time, and consistently mimic the victim's usage patterns. While technically feasible, this approach is unlikely, not easily scalable, and generally not worth the effort for most criminals.

Its innovative solutions empower both consumers and businesses to engage in transactions with the necessary levels of trust, speed, convenience, and privacy, thereby ensuring the continuous operation and expansion of the digital economy.

Prove's technology seamlessly connects data from a phone's SIM card, which acts as a privacy-centric proxy for digital identities, with smartphone features like facial recognition for user authentication. This integration then prompts additional functionalities such as auto-filling information, streamlined customer verification processes, and passwordless authentication.

Prove Pre-Fill, tailored for onboarding and digital acquisition processes, aids companies in boosting sign-up rates and reducing account opening fraud. By verifying consumer identities and automatically populating validated data across all channels, it streamlines the authentication process and enhances efficiency. Prove also conducts KYC checks, ensuring compliance with regulations regarding sanctions, AML watchlists, and politically exposed persons.

Prove Pre-Fill can accelerate digital consumer onboarding by up to 79% and results in a 75% reduction in fraud relative to attack rate.

Prove Identity verifies consumers’ identity with just their phone number; no document scans or selfies are required, which reduces friction and controls fraud. From onboarding to ongoing verification, Prove Identity verifies phone number, full name, social security number / national identifier, address, date of birth, and email address while also risk scoring in real-time for an unparalleled identity verification solution.

Trust Score is a real-time measure of phone number reputation and risk associated with an identity. Trust Score analyzes behavioral and Phone-Centric Identity signals at the time of onboarding or ongoing transaction to mitigate fraud such as SIM swap, account takeover, and synthetic identity fraud.

Identity Verify confirms validity of consumer Personal Identifiable Information (PII) and as part of Prove's PRO model confirms that the consumer is the rightful owner of a phone number, all while maintaining privacy.

Prove Auth enables passwordless and one-time password (OTP)-less authentication for mobile apps, web-based, and omni-channel experiences with a 1-tap authentication solution that’s simple, secure, and more cost-effective than legacy authenticators.

Prove Identity Manager is a real-time registry of phone identity tokens that helps clients manage their consumers’ phone numbers, devices, and other identity attributes through lifecycle changes. With Prove Identity Manager, companies have the capability to link customer profiles within their CRM systems with Prove's extensive database.

Pinnacle is Prove’s Identity Platform that uses a machine learning approach to enable cryptographic authentication. Pinnacle deploys machine learning techniques informed by human intelligence across Prove’s 15 years of transactions and 20+ billion annual authentication events. Pinnacle issues, maintains, and revokes tokenized identities called ProveIDs. Each Prove ID provides a real-time measure of its identity Assurance Level and key Trust Score, enabling up to a 20% relative increase on pass rates vs. Risk-Based Authentication.

Prove also offers an API Marketplace where APIs can be purchased a la carte to power custom solutions or bundled in its packaged solutions.

Prove's business centers on a proprietary dataset of identity information linked to mobile phone numbers. This dataset is compiled through the aggregation of data from mobile network operators like AT&T and Verizon, credit bureaus such as TransUnion, and various other third-party sources.

Prove can provide information on attributes such as name, address, location, Social Security Number (SSN), and email for each of the more than 1 billion consumer and small business identities in its database. This data is made accessible through an API, allowing banks, fintech companies, marketplaces, and other entities to integrate it into their applications.

Prove generates revenue by charging companies to access its digital identity database. When companies link the customer profiles in their CRM to Prove’s database, they pay Prove a monthly subscription fee for every linked profile, making its revenue predictable.

According to TechCrunch, Prove grew its international business approximately 40% in 2023 and is cash-flow positive.

According to Sacra Research, Prove generated $109 million in revenue in 2021, representing a 90% increase over 2020, and Prove’s revenue has grown approximately 90% YoY over the last four years.

In 2023, Prove announced partnerships with Visa, FanDuel, and Experian; launched Prove Auth, a next-generation solution for passwordless login and omnichannel authentication; opened its India Engineering & Technology Hub; announced a partnership in the Brazil market with e-Safer; and was honored by Deloitte as one of the fastest-growing companies in North America for the sixth consecutive year.

In February 2023, Prove announced that it joined the FIDO (Fast IDentity Online) Alliance to help solve what FIDO describes as the “global password problem.”

In May 2023, Prove announced a new partnership with Visa, a world leader in digital payments, to empower brands to increase secure loyalty account enrollment by eliminating manual account registration and pre-filling application forms with verified information. Visa clients will now have access to Prove’s award-winning Prove Pre-Fill identity verification solution.

In October 2023, Prove announced the upcoming launch of its new Prove Pre-Fill for Business and Business Verify solutions. These game-changing onboarding and Know Your Business (KYB) offerings are poised to transform the business onboarding and verification process by providing a faster and more secure alternative enabled by the Prove Identity Network.

In November 2023, Prove announced that Elo, a 100% Brazilian payment technology company, will be leveraging Prove’s identity verification solutions to improve its customer experiences while also combating SIM swap fraud and the proliferation of "orange accounts" in Brazil.

In January 2024, Prove announced a strategic business partnership in Brazil with TargetData, one of Brazil’s leading big data analysis companies. The agreement will enable more large companies in Brazil to access Prove’s digital identity verification and authentication solutions.