New York, NY, USA and London, UK, July 29, 2020 -- Payfone, a modern platform for continuous identity authentication, announced that it has rebranded as Prove. The rebrand represents the rebirth of the company as the worldwide provider in identity authentication and verification with a plan for growth, including its recent acquisition of Early Warning Services, LLC’s mobile authentication lines of business. The acquisition of Authentify(R), Early Warning’s multi-factor authentication and orchestration business enables banks to engage with Prove directly to expand their use of Prove’s platform and solutions.
Prove’s global cloud solutions and mobile intelligence-driven APIs secure digital journeys with a focus on accuracy, ease and privacy while mitigating fraud.
The recent investment round was led by the Apax Digital Fund. "The new brand is well aligned to the company’s mission of delivering modern authentication to enterprises around the world," said Daniel O’Keefe, Managing Partner of Apax Digital.
Oak HC/FT also participated in the investment round. "As enterprises across industries continue to shift services to digital platforms, the ability to seamlessly identify and authenticate customers is more important than ever," said Jonathan Weiner, Venture Partner at Oak HC/FT. "This acquisition and investment strategically position Prove to capture this substantial market opportunity, and we’re thrilled to partner with the team as they set a new standard for identity authentication and verification."
In addition to global expansion, Prove plans to acquire additional strategic assets, further investment in machine learning, and build a cross-industry clearinghouse to share real-time phone number reputation signals and analytics.
"The new Prove brand coupled with our global expansion and new investment partners will further accelerate our rapid growth rate," said Rodger Desai, CEO of Prove. "Enterprises that make identity core to their digital operations will lead their industries in the years to come, and we look forward to partnering with these innovators."
Posted by Veronica Silva Cusi, news correspondent
Prove is the modern platform for continuous identity authentication and is used by over 1,000 enterprises and 500 financial institutions including 7 of the top 10 U.S. banks. Prove’s cloud solutions and mobile intelligence-driven APIs can be easily orchestrated to increase Approve Rates to over 90%, enabling companies to authenticate customer identities accurately, effortlessly, and privately, while mitigating fraud. Prove’s solutions are available in 195 countries.
Published: Friday, July 31, 2020
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