Investing.com -- ID.me, a leading digital identity wallet provider, announced today that it has secured a $275 million credit facility from Ares Management (NYSE:ARES) funds. Ares also intends to make a substantial equity investment in the company. The funds will be used to support ID.me's ongoing growth as it continues to transform the way Americans verify their identity online, ensuring privacy and preventing fraud.
The financing comes at a time when ID.me is experiencing significant business growth. The company has registered more than 139 million users into its digital wallet, with over 65 million of these users verified to the federal standards of IAL2 consumer authentication. ID.me's revenue has surged by over 450% from 2020 through 2024, driven by superior results for customers and members.
ID.me is the only digital wallet that complies with the federal government standards for secure login and multi-factor authentication. It offers online, video chat, and in-person options for identity verification at the National Institute of Standards and Technology (NIST) Identity Assurance Level 2. Members can use ID.me's digital wallet to safely login and verify their identity at any government, healthcare, commercial or non-profit organization in the ID.me network.
Blake Hall, Founder and CEO of ID.me, stated that the financing from Ares, along with its anticipated equity investment, provides substantial capital to accelerate the company's growth strategy. He expressed satisfaction that institutional investors are recognizing ID.me's market-leading outcomes in expanding digital access, protecting privacy, fighting fraud, and ensuring a frictionless user experience.
Ares Management, a global alternative investment manager with over $464 billion in assets under management as of September 30, 2024, has extensive experience investing in high-quality software and technology opportunities. John Clark, Principal at Ares Management, expressed excitement about working with ID.me and supporting its next phase of growth.
ID.me is a next-generation digital identity wallet that simplifies how individuals securely prove their identity online. It enables consumers to verify their identity once and then login across various websites without needing to create a new login and verify their identity again. Currently, over 139 million users experience streamlined login and identity verification with ID.me at 19 federal agencies, 44 state government agencies, and 66 healthcare organizations. More than 600 consumer brands also use ID.me to verify communities and user segments to build more authentic relationships.
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