Payfone, a NYC- and Denver, CO-based digital identity authentication platform provider, closed a $24m funding.
The round was led by TransUnion (NYSE: TRU), with participation from Synchrony (NYSE: SYF), MassMutual Ventures, the venture fund of mutual life insurance company Massachusetts Mutual Life Insurance Company (MassMutual), and Wellington Management LLP. As part of the funding round, Geoff Miller, Senior Vice President of Global Fraud and Identity Solutions, TransUnion, will join Payfone’s Board of Directors.
Led by Rodger Desai, CEO, Payfone provides Trust Platform™ and Trust Score™, which enable businesses to instantly verify customers while thwarting fraud and cyberattacks in real-time; all within a privacy-first, zero-knowledge framework.
In March, the company announced the next phase of their Zero-Knowledge architecture, which enables identity verification partners, such as mobile network operators, to verify consumer and business identities without consumer information being passed, stored, or aggregated.
In 2018, Payfone authenticated 20 billion transactions for Fortune 500 companies using this privacy-first approach, and it expects to double that number in 2019.
The company serves 6 of the top 10 US financial institutions, and healthcare, insurance, technology and retail companies.