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- Prove
Prove Valuation, Funding & Investors
Prove is valued at $1B as of October 2023.
Last Prove valuation
$1B
Undisclosed stage · Oct 2023
Last Prove funding round
$40M
Undisclosed stage · Oct 2023
Cumulative funding Prove raised
$214M
across 7 funding rounds
Key investors in Prove
MassMutual Ventures
Andrew Prozes
Wellington Management
The Blue Venture Fund
Synchrony Ventures
Early Warning
About Prove
Prove is a New York-headquartered provider of phone-based identity verification services through its API marketplace. The platform processes billions of authentication transactions annually for financial institutions such as JPMorgan Chase and Capital One, enabling passwordless logins and fraud prevention via device intelligence and phone data. Founded in 2008 as Payfone before rebranding, Prove extends its reach to healthcare and retail sectors with consumer permissioned data sharing across North America. Partnerships with telcos like AT&T bolster its network coverage for seamless user onboarding.
Founded
2008
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based, Subscription
Valuation
$1B (Oct 2023)
Prove Valuation
Prove is currently valued at $1B, based on its undisclosed-stage round in October 2023.
The $40M round was led by Capital One Ventures and MassMutual Ventures.
Prove's valuation has grown 1.8x from $549M at its Series H in June 2020 to $1B in October 2023, across 2 priced rounds.
Prove valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2023 | Undisclosed stage | $1B |
| Jun 2020 | Series H | $549M |
Prove Funding History
Prove has raised a total of $214M across 7 funding rounds.
Prove's first fundraising round was a $10M Series D in October 2013. The most recent completed round was a $40M undisclosed-stage round in October 2023.
Prove funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2023 | Undisclosed stage | Capital One Ventures (lead); MassMutual Ventures (lead) | $40M | $1B | Prove Identity is a global leader in digital identity verification and authentication solutions that enables businesses to provide secure digital consumer experiences while reducing fraud risk. The platform offers real-time behavioral analysis, identity tokenization, passwordless authentication, and fraud prevention capabilities, serving over 1,000 business customers including nine of the top ten US banks, as well as companies like Synchrony, Starbucks, and Zelle across financial services, commerce, and other sectors. In October 2023, Prove raised $40 million in a funding round led by MassMutual Ventures and Capital One Ventures, achieving unicorn status with a valuation exceeding $1 billion. The company was cash-flow positive at the time of the round. This was the company's first major funding announcement in approximately three years, following a $100 million raise in 2020 at a post-money valuation of $549 million at the time of its rebranding from Payfone to Prove. The October 2023 capital was designated for launching new commerce enablement and fraud-fighting tools, continuing global expansion, and addressing evolving digital threats for public and private institutions. Recent achievements included partnerships with Visa, FanDuel, and Experian; launch of Prove Auth for omnichannel authentication; opening of an India Engineering hub; expansion into the Brazil market; and recognition by Deloitte as one of North America's fastest-growing companies for the sixth consecutive year, with international business growing 40% year-to-date. |
| Jun 2020 | Series H | Apax Digital (lead); Wellington Management; The Blue Venture Fund; MassMutual Ventures; Synchrony Ventures; Sandbox Insurtech Ventures; Ralph de la Vega; Andrew Prozes | $100M | $549M | Prove, formerly Payfone, is a privacy-first customer identity platform providing mobile phone-based digital verification and authentication solutions, including its Trust Score™ for real-time decisioning to drive revenue, prevent fraud, and protect privacy. On June 18, 2020, the company raised $100 million in a Series H funding round led by Apax Digital, with participation from new investors Sandbox Insurtech Ventures and Ralph de la Vega, alongside existing investors MassMutual Ventures, Synchrony Ventures, The Blue Venture Fund, Wellington Management, and Andrew Prozes. The funds were intended to support strategic acquisitions, enhance machine learning capabilities, build a cross-industry consortium for securing digital transactions, and facilitate rebranding efforts to Prove while scaling the business. The round valued Prove at a post-money valuation of $549 million, as reported for the June 2020 Series H. Apax Digital, the growth equity arm of Apax Partners focusing on technology and internet companies, emphasized Prove's technology for enabling frictionless customer experiences and reducing manual review costs, with Managing Partner Daniel O’Keefe and Principal Zach Fuchs joining the board. This investment aligned with Apax Digital's strategy in high-growth tech firms, typically targeting rounds of $50-200 million in areas like financial services, SaaS, and enterprise software. Prove's platform supports digital businesses in identity verification, operating in a competitive landscape of fraud prevention and authentication providers. The company continued raising capital post-2020, including a $15.1 million Series G in 2019 led by TransUnion and a $40 million venture round in October 2023 led by MassMutual Ventures and Capital One Ventures, reaching over $268 million in total funding and a $1 billion valuation by late 2023. |
| Apr 2019 | Series G | TransUnion (lead); Wellington Management; Synchrony; MassMutual Ventures | $15M | - | Prove raised $15.1 million in a Series G funding round in April 2019 led by TransUnion, with participation from investors including MassMutual Ventures and Synchrony. The round aimed to expand market presence and improve technology offerings in identity verification. Prove specializes in phone-based identity solutions for digital transactions. This 2019 round contributed to Prove's total funding, which reached over $250 million across multiple rounds by 2023. Earlier rounds included investments from Amex Ventures and others, supporting growth in fraud detection and verification services. A later October 2023 venture round of $40 million was led by MassMutual Ventures and Capital One Ventures to develop tools for digital payments, commerce, and fraud detection. |
| Feb 2018 | Series F | Institutional Investor (lead); Jonathan Weiner; MassMutual Ventures; Synchrony Ventures; Anil D. Aggarwal; Andrew Prozes | $23M | - | Prove, an identity verification and authentication platform, raised approximately USD 23 million in a Series F funding round in February 2018 led by Institutional Investor, with participation from investors including Andrew Prozes, Anil D. Aggarwal, Jonathan Weiner, MassMutual Ventures, and Synchrony Ventures. This round followed prior financings such as a Series C in April 2011 led by Amex Ventures (USD 18.6 million raised) and preceded a Series G in April 2019 led by TransUnion (USD 15.1 million raised). The 2018 round aimed to support growth and enhance product offerings in identity verification solutions and technology expansion. Prove's total funding across rounds reached USD 258 million by 2023. The company focuses on finance, technology, and data analytics sectors. |
| Jan 2017 | Series E | Andrew Prozes (lead); The Blue Venture Fund (lead); Strauss Zelnick; Relay Ventures; RRE Ventures; Amex Ventures; Verizon Ventures; Rogers Venture Partners; Early Warning; Transaction Network Services (TNS); Opus Capital | $24M | - | Prove (formerly Payfone) is a digital identity platform that provides customer verification, authentication, and fraud prevention services via API to banks, fintechs, healthcare, and retail. It links customer profiles to a database for identity risk assessment and charges via SaaS monthly fees per linked profile or per-unit for multi-factor authentication like SMS or push notifications. In January 2017, Prove raised $23.5 million in a Series E round led by Andrew Prozes and The Blue Venture Fund, with participation from investors including Amex Ventures, Early Warning, Opus Capital, Relay Ventures, Rogers Venture Partners, RRE Ventures, Strauss Zelnick, Transaction Network Services (TNS), and Verizon Ventures; funds were used to scale operations and invest in new technology. Prove's revenue figures from sources are later: $109M in 2021 (90% YoY growth), with 1000+ customers primarily banks. The company continued funding with a Series F of ~$23M in February 2018 and reached over $226M total funding by 2023, with later valuations like $537M in 2022 and current over $1B; it was recognized for 671% revenue growth in a Financial Times ranking (period unspecified). |
| Jul 2016 | Seed | - | $3M | - | Prove, a provider of digital identity verification solutions, raised USD 2,660,723 in a Series Unknown round in July 2016 to enhance its technology and expand market reach. This followed a Debt Financing round of USD 5,500,000 in May 2015 for operational expenses and service expansion. The company has conducted multiple funding rounds, including a Series C of USD 18,616,951 in April 2011 led by Amex Ventures. Total funding raised across all rounds amounts to USD 258,420,597, with a current valuation over USD 1,000,000,000 from an October 2023 round. |
| Oct 2013 | Series D | Early Warning (lead) | $10M | - | Prove, an identity verification company formerly known as Payfone, raised approximately $10 million in its Series D funding round in October 2013 led by Early Warning Services. Early Warning, a consortium owned by major U.S. banks, invested to strengthen Prove's market position and support growth initiatives in authentication solutions for the financial services industry. This round followed Prove's Series C in April 2011, which raised $18.6 million led by Amex Ventures to expand identity verification technology. Prove and Early Warning have partnered since 2013 to deliver mobile authentication solutions to U.S. financial institutions, eventually leading to Prove acquiring Early Warning's mobile authentication lines of business years later. The company serves sectors including financial services, healthcare, retail, and more, with solutions available in 195 countries. Prove has raised a total of over $258 million across multiple rounds, achieving unicorn status in October 2023 with a $40 million raise at over $1 billion valuation led by MassMutual Ventures and Capital One Ventures. |
Who has invested in Prove?
23 investors have backed Prove across its funding rounds, including MassMutual Ventures, Andrew Prozes, Wellington Management, The Blue Venture Fund, Synchrony Ventures and Early Warning.
Lead investors include Capital One Ventures, MassMutual Ventures, Apax Digital, TransUnion, Institutional Investor and 3 other investors.
Prove Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Feb 2018 | ||
| 3 | Lead | Jan 2017 | ||
| 2 | Participant | Apr 2019 | ||
| 2 | Lead | Jan 2017 | ||
| 2 | Participant | Feb 2018 | ||
| 2 | Lead | Oct 2013 | ||
| 1 | Participant | Jan 2017 | ||
| 1 | Participant | Jan 2017 | ||
| 1 | Participant | Jan 2017 | ||
| 1 | Participant | Jan 2017 | ||
| 1 | Lead | Apr 2019 | ||
| 1 | Participant | Feb 2018 | ||
| 1 | Participant | Apr 2019 | ||
This data is available for Pro users. Sign up to see all 23 Prove investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Prove
Prove has acquired 4 companies to date.
Last acquisition by Prove was on January 14th 2025. Prove acquired Portabl for undisclosed valuation.
Latest Acquisitions by Prove
| Description | Portabl is a London-headquartered identity platform providing reusable digital credentials and authentication for open banking, payments, and fintech applications. The service offers verifiable claims for KYC, fraud prevention, and account aggregation via OAuth 2.0 and OpenID Connect standards. Portabl integrates with PSD2-compliant banks in the UK and EU, enabling consent management and secure data sharing. Founded in 2020, it supports major financial institutions transitioning to customer-permissioned data economies. | UnifyID is a behavioral biometrics company developing continuous authentication using implicit signals like gait, location, and device sensors. Mountain View-headquartered and founded in 2015, the platform employs machine learning for passwordless verification respecting user privacy. UnifyID has earned accolades including RSA Innovation Sandbox winner and Gartner Cool Vendor status, integrating with enterprise IAM systems. | MEDICI is a global research platform tracking FinTech innovations for enterprises, startups, and investors. It publishes data-driven reports, rankings, and news on digital banking, payments, blockchain, and insurtech sectors. Founded in 2013 and headquartered in London, the platform analyzes over 10,000 companies worldwide, hosts virtual summits, and maintains a database used by banks like HSBC and investors such as Sequoia Capital. | Authentify is a supplier of real-time multi-factor authentication services leveraging telephone networks for major online enterprises. Its process verifies users during internet sessions through voice or phone-based challenges, combining familiarity with security for seamless adoption. |
| HQ Country | ||||
| HQ City | Philadelphia, PA | San Francisco, CA | Charlotte, NC | Chicago, IL |
| Deal Date | 14 Jan 2025 | 1 Jun 2021 | 24 Mar 2021 | 29 Jul 2020 |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all Prove acquisitions and their M&A valuation multiples. Start Free Trial | ||||
Prove Competitors
Prove competitors include listed companies like Mitek Systems and NSFOCUS, and private ones like BigID, Sift, Tines and Iru.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $100M | - | $1B | 10.0x | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1.1B | - | ||
| Private | - | - | $850M | - | ||
| Publicly listed | $180M | $37M | $781M | 3.7x | ||
| Publicly listed | $379M | $37M | $955M | 2.4x |
Prove Public Comps
Prove is still privately-owned, but its public comps include NSFOCUS, BeiJing Certificate, Yubico, Rapid7, Riskified, Asiainfo Security, Mitek Systems, Eastcompeace Tech, Red Violet and CANCOM.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $379M | $37M | 2.6x | 2.4x | 26.1x | 25.6x | |||
| $125M | ($12M) | 6.7x | - | (70.9x) | - | |||
| $226M | $19M | 3.3x | 3.2x | 39.7x | 25.6x | |||
| $860M | $63M | 1.3x | 1.3x | 17.4x | 6.8x | |||
| $345M | ($31M) | 1.8x | 1.6x | (20.3x) | 19.0x | |||
| $1.2B | ($11M) | 1.2x | 1.1x | (126.2x) | 339.7x | |||
| $180M | $37M | 4.1x | 3.7x | 19.9x | 11.2x | |||
| $197M | $26M | 4.8x | - | 36.4x | - | |||
This data is available for Pro users. Sign up to see all Prove competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Prove
| When was Prove founded? | Prove was founded in 2008. |
| Where is Prove headquartered? | Prove is headquartered in New York City, NY, United States. |
| Is Prove publicly listed? | No, Prove is a private, VC-backed company. |
| What is Prove's valuation? | Prove was last valued at $1B in its undisclosed-stage round in October 2023. |
| How much funding has Prove raised? | Prove has raised $214M across 7 funding rounds. |
| What was Prove's last funding round? | Prove's last funding round was a $40M undisclosed-stage round in October 2023, led by Capital One Ventures and MassMutual Ventures. |
| Who are Prove's investors? | Prove's investors include MassMutual Ventures, Andrew Prozes, Wellington Management, The Blue Venture Fund, Synchrony Ventures, Early Warning, Strauss Zelnick, Relay Ventures, RRE Ventures, Amex Ventures and 13 others. |
| Which companies are comparable to Prove? | Companies comparable to Prove include BigID, Sift, Tines, Iru, Mitek Systems and NSFOCUS. |
| How many companies has Prove acquired? | Prove has acquired 4 companies, including Portabl, UnifyID, MEDICI and Authentify. |
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