Global Leader in Identity Verification and Authentication Demonstrates Substantial Impact, Enabling Enterprise Customers to Generate $2 Billion in Revenue
NEW YORK–(BUSINESS WIRE)–Prove Identity, Inc. (“Prove”), the global leader in digital identity, today announced consumer impact metrics that illustrate Prove’s ability to empower enterprise customers to drive incremental revenue, while mitigating fraud, improving the consumer experience, and accelerating trust in the digital economy.
In 2023 alone, 1 out of 2 adults in the U.S. were seen on Prove’s platform and nearly 47 million new accounts were opened with the support of the Prove Pre-Fill® onboarding solution. Through this significant achievement, Prove helped create nearly $2 billion in net new revenue in the economy, which is a 20% increase from 2022 to 2023. The company expects a significant increase in those metrics for 2024.
“As we reflect on our growth, I’m thrilled to see the impact that Prove has made by accelerating trust to unlock the potential of the digital economy,” said Rodger Desai, founder and Chief Executive Officer of Prove. “When I founded Prove, I realized how impactful digital identity could be for solving the internet’s biggest weakness: not knowing who anyone is online. Prove was born of the concept that the mobile phone could be a successful proxy for identity, which is far more reliable than passwords or security questions. Today, I’m proud that we’ve evolved into the preeminent authentication framework for the internet and look forward to continuing to execute our mission in 2024 and beyond.”
Prove is on a mission to accelerate trust in the digital economy without creating a friction-filled user experience. The company’s Prove Pre-Fill® solution is a testament to this effort, accelerating secure digital consumer onboarding by up to 79%. In 2023, the Prove Pre-Fill® solution saved consumers a total of 30 million minutes of human time by streamlining identity verification and onboarding processes.
“Saving consumers time and facilitating a secure digital onboarding path means organizations can deliver an optimal experience for their users,” said Scott Bonnell, Chief Revenue Officer of Prove. “At the same time, Prove solutions are helping these organizations unlock the rapidly expanding potential of digital commerce.”
Prove also recently partnered with several major financial services, gaming, and cryptocurrency providers, including Fanduel, Visa, Elo, and others.
“Visa’s and Prove’s vision is to empower companies with differentiated solutions that will improve the customers’ full commerce experience and drive brand loyalty. Through the unique Prove Pre-Fill® technology, we can now help merchants and other brands grow their loyalty membership quickly and securely,” said Jack Funda, SVP at Visa.
Fraud prevention is at the core of each service and solution Prove offers. In addition to providing a faster and more seamless customer experience, Prove protects consumers against becoming victims of identity fraud. Prove also facilitated nearly 8 billion frictionless mobile authentications, which enabled consumers to avoid unreliable and insecure SMS one-time passwords.
For more information, visit the Prove Pre-Fill® solution page or request a demo.
About Prove Identity, Inc. (“Prove”):
As the world moves to a mobile-first economy, businesses need to modernize how they acquire, engage with and enable consumers. Prove’s phone-centric identity tokenization and passive cryptographic authentication solutions reduce friction, enhance security and privacy across all digital channels, and accelerate revenues while reducing operating expenses and fraud losses. Over 1,000 enterprise customers use Prove’s platform to process 20 billion customer requests annually across industries, including banking, lending, healthcare, gaming, crypto, e-commerce, marketplaces, and payments. For the latest updates from Prove, follow us on LinkedIn.
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