Prove

regtechauthentication and fraud prevention

FOUNDING YEAR: 2008
LOCATION: United States
Last Update: 19/11/2020

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About

Payfone is the worlds leading digital identity authentication network. Our award-winning next-generation Trust Platform validates identities and enables enterprises to deliver fast, frictionless, and fraud-free customer experiences to over 90% of their customers. Payfone closes the trust gap and issues a real-time proprietary Trust Score for 6 of the top 10 financial institutions, and leading healthcare, insurance, technology and retail companies.

MEDICI Analysis

Prove (formerly known as 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™.

Focus

PRODUCTS & SERVICES

Prove offers a range of products like: 1. Instant Authentication for Mobile: Prove APIs that can identify new and existing users through their mobile numbers. 2. Instant Authentication for Voice: Prove 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.

REVENUE MODEL

The company charges a percentage fee for every transaction done via its platform.

MAIN CLIENTS

It has major customers from sectors like retail

healthcare

insurance

finance and technology industries.

EXISTING PARTNERSHIPS

The company has partnerships with mobile network operators like O2

EnStream

Verizon Wireless

etc. Other partners include Cardinal Commerce

AmEx. and Early Warning.

Traction

VALUATION / MARKET CAP:

$270 M in 2019

VALUATION COMMENT:

According to third party sources, the company has valuated at $270 Mn in the last series round.(April 2019)

REVENUE COMMENT:

The company claims it has achieved 2,152% growth in revenue between 2013 and 2016.

TRANSACTIONS COMMENT:

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)

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