Prove has raised $219.0M in total across 7 funding rounds.
Prove's investors include Baird Capital, Bessemer Venture Partners, High Alpha, MassMutual Ventures, Menlo Ventures, Jeff Richards, Sandbox Industries, Asylum Ventures, Digital Currency Group, Haun Ventures, Khosla Ventures, Oak HC/FT.
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 $219.0M across 7 funding rounds. Most recently, it raised $40.0M Venture Round in October 2023.
