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.