MCLEAN,
Va., Jan. 30, 2025 /PRNewswire/ -- ID.me, the
market leading digital identity wallet, today announced it has
closed a $275 million credit facility
provided by Ares Management funds ("Ares"). Ares also plans to make
a substantial equity investment in ID.me. Proceeds will fuel
ID.me's continued acceleration, as ID.me is revolutionizing the way
Americans securely prove their identity online, expanding digital
access while protecting privacy and preventing
fraud.
This financing comes amid significant business momentum, as
ID.me has signed up over 139 million users into its digital wallet,
with over 65 million of these users verified to the federal
standards of IAL2 consumer authentication. ID.me's revenue has
grown over 450% from 2020 through 2024, as superior results for
customers and members are driving rapid growth and adoption.
ID.me is the only digital wallet that meets the federal
government standards for secure login and multi-factor
authentication while offering online, video chat, and in-person
options for identity verification at National Institute of
Standards and Technology (NIST) Identity Assurance Level 2. True to
ID.me's purpose of enabling consumer trust across the digital
economy, members can use ID.me's digital wallet to safely login and
prove their identity in seconds at any government, healthcare,
commercial or non-profit organization in the ID.me network.
"This credit facility provided by Ares, combined with its
anticipated equity investment, provides substantial capital to
accelerate our roadmap and growth strategy, scaling ID.me to the
next phase of growth and sustainable profitability," said
Blake Hall, Founder and CEO of
ID.me. "Coming soon after our recent secondary tender, we are
pleased that esteemed institutional investors are recognizing our
market-leading outcomes expanding digital access, protecting
privacy, fighting fraud, and ensuring frictionless
user experience."
Ares Management, a leading global alternative investment manager
with more than $464 billion in assets
under management as of September 30,
2024, brings decades of experience investing significant
capital in high-quality software and technology opportunities.
"ID.me is a category and thought leader in the digital identity
space, enabling government agency and commercial enterprise
customers to navigate the demand for secure and inclusive digital
access to their services while respecting end-user data privacy,"
said John Clark, Principal at Ares
Management. "As the world continues to be transformed by AI and
vectors of fraud proliferate, we believe that ID.me's
digital identity wallets will become increasingly important in
facilitating the consistent and fraud-resistant
connections between these large organizations and their users. Ares
is excited to work with Blake and the rest of the ID.me team, and
we look forward to supporting ID.me's next phase of growth."
About ID.me
ID.me is the next-generation digital identity wallet that
simplifies how individuals securely prove their identity online.
Consumers can verify their identity with ID.me once and seamlessly
login across websites without having to create a new login and
verify their identity again. Over 139 million users experience
streamlined login and identity verification with ID.me at 19
federal agencies, 44 state government agencies, and 66 healthcare
organizations. More than 600 consumer brands use ID.me to verify
communities and user segments to honor service and build more
authentic relationships. ID.me's technology meets the federal
standards for consumer authentication set by the Commerce
Department and is approved as a NIST 800-63-3 IAL2 / AAL2
credential service provider by the Kantara Initiative. ID.me is
committed to "No Identity Left Behind" to enable all people to have
a secure digital identity. To learn more, visit
https://network.id.me/.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global
alternative investment manager offering clients complementary
primary and secondary investment solutions across the credit, real
estate, private equity and infrastructure asset classes. We seek to
provide flexible capital to support businesses and create value for
our stakeholders and within our communities. By collaborating
across our investment groups, we aim to generate consistent and
attractive investment returns throughout market cycles. As of
September 30, 2024, Ares Management
Corporation's global platform had approximately $464 billion of assets under management, with
more than 3,100 employees operating across North America, Europe, Asia
Pacific and the Middle
East. For more information, please visit
www.aresmgmt.com.
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SOURCE ID.me, Inc.
