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Payfone offers digital authentication solutions that enable banks, insurers, brokerages, and technology companies to tackle fraud and improve customer experience. The platform analyzes millions of signals against multiple authentication factors to generate a trust score for each digital identity. Recently, the company was listed in the 100 Fastest Technology companies in North America by Deloitte's 2017 Technology Fast 500™.
The Balance Between Security and Customer Experience
PRODUCTS & SERVICES
Payfone offers a range of products like: 1. Instant Authentication for Mobile: Payfone APIs that can identify new and existing users through their mobile numbers. 2. Instant Authentication for Voice: Payfone APIs that can identify new and existing users through mobile calls. 3. Instant Link for Web: Can authenticate web interactions on PC, thereby eliminating critical SMS OTP vulnerabilities like SMS phishing, SMS forwarding, eavesdropping, and SS7 attacks. 4. Identity Pre-fill: Enables users to extract pre-verified information about customers from verified sources. 5. Trust Score: Analyzes digital signals from multiple sources in order to verify customers. 6. Fonebook: Fonebook is a framework for digital identity that links customer IDs with anonymous identity tokens in order to authenticate digital transactions.
PayFone charges a percentage fee for every transaction done via its platform.
It has major customers from sectors like retail
finance and technology industries.
The company has partnerships with mobile network operators like O2
etc. Other partners include Cardinal Commerce
AmEx. and Early Warning.
The company claims it has achieved 2,152% growth in revenue between 2013 and 2016.
The company is hitting 50 million authentication events per day for Fortune 100 clients. It is estimated to authenticate 19 billion transactions by the end of the year. (March 2018)
Mike Brody and Rodger Desai.
BOARD MEMBERS AND ADVISORS
and Andrew Prozes.
NUMBER OF EMPLOYEES
Rodger Desai (CEO); Michael Ragunas (CTO); Tom FitzSimmons (CFO)
DATE OF LAST FUNDING
TOTAL FUNDING COMMENT
The company is planning to use its funds to expand its user experience and to enhance cybersecurity services in the retail, insurance, and healthcare sectors (Feb. 2018).
SEED & PRIOR FUNDING
SEED CLOSED ON
SERIES A · $1.6 M · Jun 2008
SERIES B · $11 M · Aug 2010
SERIES C · $19 M · Apr 2011
SERIES D · $12.66 M · Jun 2016
SERIES E · $46.5 M · Feb 2018
Debt Financing: $5.5 M (October 2015)
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