ID.me raised $340 million through a Series E funding round and a credit facility, pushing its valuation above $2 billion. The round was led by Ribbit Capital with participation from Ares Credit funds, Moonshots Capital, and Positive Sum. The capital will scale secure digital identity access and enhance defenses against AI-powered fraud. U.S. fraud losses reached up to $521 billion annually from 2018–2022, with criminal groups and state-backed hackers exploiting stolen identities. ID.me helped prevent over $270 billion in unemployment fraud across seven states; Virginia saw a 173% rise in online claims and a 57% drop in call center requests after adoption. In 2024 ID.me added 20.4 million digital wallets and recorded over 409 million successful logins.
Fraud has become both a money and national security issue. From 2018 to 2022, the U.S. government lost up to $521 billion each year to fraud, according to the GAO. Criminal groups from Russia, China, and Nigeria have stolen billions in pandemic aid, while North Korean hackers increasingly target U.S. companies with stolen identities. Now, fraudsters are using AI tools like deepfakes to attack faster than ever, making strong digital defenses critical.
ID.me has already played a key role in stopping fraud. Seven states credited the company with preventing over $270 billion in unemployment fraud during the pandemic. In Virginia, after the state introduced ID.me in 2024, online claims went up 173% while call center requests dropped 57%, making the process easier for both citizens and the agency. Investors see ID.me as crucial in the AI economy.
Fraud is moving as fast as AIand so are we, said Blake Hall, ID.me's Founder and CEO. Secure identity is key for the future of AI systems, and this funding helps us expand secure access, protect privacy, and keep ahead of criminals. As AI grows, trusted digital identity will be the foundation, said Justin Saslaw of Ribbit Capital. ID.me has built one of the most advanced identity wallets in the world, giving it a strong edge in this new era.
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