The private equity firm Long Ridge Equity Partners has put $100 million into the service AuthenticID, which checks people’s identities. The money will help the company grow into the government sector, the telecommunications industry, and the financial services industry, as well as other consumer markets that want to build trust and cut down on fraud.
Aside from that, the company plans to use the money to build the next generation of its platform. The RegTech company says that it offers businesses identity-proofing solutions that use artificial intelligence to cut down on fraud and increase conversion rates for most of the US cellular carrier industry.
The commentator’s differences
The organisation, which started in Seattle in 2001 and has its roots there, lets customers verify their identities online using government-issued credentials. Jeff S. Jani, CEO of AuthenticID, said that most US cellular carriers use our technology and several identifications sys. What differentiates us from our competitors in digital identification is that we give our clients a high return on investment (ROI). This includes stopping more fraud and bringing in more money than any of our competitors. Our main goal is to make sure that each one of our joint identifies is better protected. This money will help AuthenticID keep coming up with new ideas for automated identity verification and try to grow into new markets.
Long Ridge Equity Partners, a growth equity company focusing primarily on technology, has put $100 million into AuthenticID as a minority stake. AuthenticID has been around for a long time and is a well-known provider of identity-proofing solutions for large businesses and enterprises.
According to the RegTech organisation, the market for verifying people’s identities is growing significantly, and fraud is getting worse. It hopes that the equity will give it the flexibility to meet the market’s changing needs.
In response to the investment, Jim Brown, the founder of Long Ridge and the company’s managing partner, said, AuthenticID’s automated approach to Identity Proofing allows them to give their clients the best-in-class results, especially when compared to manual and hybrid solutions.
Keep identity safe
The move toward digital onboarding is picking up speed, and AuthenticID is set up to help global organisations verify identities, cut down on fraud, and build trust.” We’re excited to work with AuthenticID and help them with their goal of keeping people’s identities safe all over the world. Union Square Advisors, in their role as the exclusive adviser, gave the exclusive financial advice. Regarding legal matters, DLA Piper took care of AuthenticID, while Choate, Hall, & Stewart LLP helped Long Ridge Equity Partners.
A press release says that the investment will allow AuthenticID to support the next generation of digital identity platforms. It will also help AuthenticID continue to grow in telecommunications, financial services, government, and other consumer markets that “want to build trust and reduce fraud. Some of the biggest telecom companies and banks in the country may use AuthenticID’s identity verification services. The solution is also used to power “several of the world’s largest digital identification systems.
AuthenticID was one of the first companies to enter the identity-proofing and verification market. The completely automated solution provided by AuthenticID secures identities and reduces the risk of fraud without negatively impacting the user experience. Since its founding in 2001, AuthenticID has developed extensive domain expertise in verifying government-issued identification documents using the industry’s most advanced, next-generation, automated AI platform to detect fraudulent activity and authenticate identities. The world’s most successful financial services companies, telecom carriers, and identity verification platforms all use the proprietary platform that AuthenticID has developed.