ID.me Valued at $1.8B After Successful Tender Offer Led by Ribbit Capital

ID.me, a digital identity verification company, has recently been valued at $1.8 billion following the closure of a tender offer. The valuation marks a slight increase from its previous valuation of $1.73 billion, which was established two years ago. The tender offer was led by Ribbit Capital, a new investor in ID.me, with participation from existing investors such as Viking Global Investors and CapitalG.

Founded in 2010 and based in McLean, Virginia, ID.me provides digital identity solutions through a platform that assists businesses in verifying the identities of their customers. The company employs various methods for verification, including facial recognition, document verification, and knowledge-based authentication. Over the years, ID.me has raised a total of $405.07 million in funding, with its latest round being Series D. Additionally, the company has filed 24 patents, focusing on areas like identity documents, identity management, and payment systems.

The tender offer allowed certain employees and early backers of ID.me to sell their shares, although specific details of the offer have not been disclosed. The news of the tender offer was initially reported by Bloomberg and has since been confirmed by a source familiar with the situation.

Financial analysts view the valuation increase as a significant step in the company’s growth strategy. This move is particularly relevant given the increasing threats of identity theft, highlighting the importance of robust digital identity verification solutions. The industry’s dynamic nature is further exemplified by leadership changes at competing firms like Mitek Systems, as companies position themselves for future growth in this rapidly evolving market.

Source: Bloomberg

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November 26, 2024 – by Ali Nassar-Smith