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Prove is a technology company.
Prove develops a digital identity authentication platform that leverages mobile and phone-centric data to verify consumer identities. The company provides solutions for identity tokenization and passive cryptographic authentication, enabling businesses to accelerate digital onboarding, confidently verify users, and mitigate fraud. Its offerings, including Prove Pre-Fill®, Prove Identity®, and Prove Verified Users℠, help streamline digital interactions while enhancing security.
The company, initially known as Payfone, was founded in 2008 by Rodger Desai and Brad Rosenfeld. Their insight arose during the initial surge of smartphone adoption, recognizing the need to reduce friction and abandonment within digital business processes by utilizing the mobile phone as a primary identity authenticator. This approach laid the foundation for leveraging the ubiquitous nature of mobile devices for secure identity verification.
Prove’s solutions are adopted by businesses across diverse sectors, including banking, fintech, healthcare, and online gaming, to improve consumer experiences and ensure compliance. The company aims to facilitate a secure digital economy by providing trusted identity verification, allowing enterprises to manage identities and authenticate transactions seamlessly and securely in an increasingly mobile-first world.
Prove has raised $435.0M across 13 funding rounds.
Prove has raised $435.0M in total across 13 funding rounds.
Prove is a New York-based technology company specializing in mobile and digital identity verification and authentication solutions for a connected, mobile-first economy.[1][2][5] It offers a Phone-Centric Identity™ platform that processes over 20 billion customer requests annually for more than 1,500 enterprise clients across banking, lending, healthcare, gaming, crypto, e-commerce, and payments, reducing friction, fraud, and costs while enhancing security and privacy.[1][3][5][6] Key products include Prove Pre-Fill® for faster onboarding (up to 79% reduction in time), Prove Identity® for phone-based verification without documents or selfies, and Prove Auth® for passwordless authentication, serving businesses in 195 countries with a registry of over 1 billion identity tokens.[3][4][5]
Founded in 2008 and formerly known as Payfone, Prove has raised $261.3M in funding (latest $40M round two years ago), employs around 320-400 people across four offices, and generates approximately $84M in revenue, demonstrating strong growth in digital trust infrastructure.[1][2][6]
Prove was founded in 2008 as Payfone in New York, New York, initially focusing on mobile authentication amid the rise of smartphones and digital transactions.[1][2] The company rebranded to Prove to emphasize its expanded mission of providing the "modern way of proving identity" through phone-centric solutions that leverage device, network, and user data for seamless verification.[2][4][5] Early traction came from addressing fraud in mobile banking and payments, evolving into a comprehensive platform as businesses shifted to digital onboarding and servicing.[1][6] Pivotal moments include scaling to 1,000+ enterprise customers, processing billions of events yearly, and innovations like Prove Pre-Fill, which in 2023 alone supported 47 million new accounts and saved U.S. consumers nearly 30 million minutes.[5][6]
Prove stands out in the identity verification market through these key strengths:
Prove rides the wave of digital transformation toward passwordless, mobile-first economies, where fraud costs exceed $5 trillion annually and consumers demand seamless experiences across banking, e-commerce, and fintech.[1][5] Its timing aligns with rising regulatory pressures (e.g., KYC/AML) and the explosion of crypto, gaming, and faster payments like Zelle, enabling non-intrusive risk assessment at scale.[2][5][6] Market forces favoring Prove include the shift to biometric/phone-bound auth over vulnerable passwords and the need for privacy-preserving tech amid data breaches; it influences the ecosystem by powering equitable digital transactions for 1 in 2 U.S. adults and setting standards for frictionless trust in high-stakes sectors.[3][6]
Prove is poised for expansion with ongoing innovations like enhanced Prove Pre-Fill for zero manual entry and deeper AI integration, targeting accelerating adoption in financial services, gaming, and emerging markets.[2][5] Trends like zero-trust architectures, Web3 identity, and global regulatory harmonization will propel its growth, potentially doubling token management as mobile transactions surge. Its influence may evolve from verification leader to foundational digital identity layer, enabling broader ecosystem trust and revenue acceleration—proving, quite literally, that phone-centric identity is the future of secure, user-friendly tech.
Prove has raised $435.0M in total across 13 funding rounds.
Prove's investors include Capital One, MassMutual, MassMutual Ventures, Baird Capital, Bessemer Venture Partners, High Alpha, Menlo Ventures, Jeff Richards, Zach Fuchs, Andrew Prozes, Ralph de la Vega, Sandbox Industries.
Prove has raised $435.0M across 13 funding rounds. Most recently, it raised $40.0M Other Equity in October 2023.