ID.me, an online identity verification company trusted by over 152 million people, has raised $340 million through a Series E funding round and a credit facility, pushing its value above $2 billion. The round was led by Ribbit Capital with support from Ares Credit funds, Moonshots Capital, and new investor Positive Sum. The money will help ID.me expand secure digital identity access and fight against AI-powered fraud.
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.
“Fraud is moving as fast as AI—and 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.”
The company has been growing quickly. In 2024, ID.me added 20.4 million new digital wallets—over 55,000 every day—and handled more than 409 million successful logins, up 44% from the year before.
Investors see ID.me as crucial in the AI economy. “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.”
John Clark of Ares Management added, “As AI changes the economy and fraud risks rise, ID.me’s identity wallet will be even more important for safe connections between organizations and users while keeping the process simple and smooth.”
