Payfone, a NYC-based digital identity authentication network, raised $23m in funding.
The round was led by Synchrony Financial (NYSE: SYF), with participation from MassMutual Ventures, Anil Aggarwal and Jonathan Weiner, the founders of Money20/20, Shoptalk and HLTH; and Andrew Prozes, the former global CEO of LexisNexis.
The company intends to use the funds to expand its user experience-enhancing cybersecurity services in the retail, insurance, and healthcare sectors.
Led by Rodger Desai, Founder and CEO, Payfone provides banks, insurers, brokerages and technology companies with a digital identity authentication network for the connected world to enable omni-channel user experiences. Its patented platform dynamically analyzes millions of signals against multiple authentication factors to generate a proprietary Trust Score for each digital identity and allow users to combat fraud while enhancing the customer experience.