Long Ridge Investment recently directed the $100 million minority growth investment authenticID.
The money will go to support the company’s constant developments in the field of identity verification that is automated and also to help the marketing efforts of the company to increase its market.
AuthenticID, a reputable business which provides identity proofing services to large or small corporations, has completed an investment of $100 million from Long Ridge Equity Partners, an investment firm that focuses on the development of technological advancement (on July 22nd 2021).
The funding will help in the continued expansion of AuthenticID’s services into the areas of telecommunications, financial services government, along with other segments of the consumer market “looking to increase trust and decrease fraud, and enable AuthenticID to support the next generations of digital platforms based on identity,” as per a press announcement.
AuthenticID provides identity verification services to major companies that include many of the nation’s top financial institutions and telecom companies.Additionally, the programme “powers a number of the most well-known digital identification services globally.”
The announcement also stated the fact that “AuthenticID is a document-based identity verification platform that is the only 100 % automated identity proofing system that offers the industry’s most accurate rates as well as the fastest processing speeds.”
The AI-powered product AuthenticID is used “to reduce fraud and improve conversion rates for a substantial part of the US wireless carrier market.”
The market for identity proofing “continues to grow rapidly because of the recent shift towards digital onboarding of clients and the rising incidences of fraud which have led to the need to validate authenticity of the client online,” the announcement revealed.
The new investment will fund the development of innovative solutions that address the extended scenario of identification verification. The investment will also “allows for the business to continue developing and tackling the ever-changing security and identity verification challenges by utilizing technology that can be automated.”
Jeff S. Jani, the CEO of AuthenticID claims that the platform is utilized for the vast majority of US wireless service providers as well as several authentication platforms that can be used to protect identities. Our distinctiveness is in the high ROI we give to our customers, ranging from stopping fraud from spreading to making more sales than competitors in the field of digital identity. “We want to make sure that each of our identities is more secure.”
Long Ridge’s director and founder, Jim Brown, stated: “Especially when compared to traditional and hybrid solutions, AuthenticID’s automatic approach to identity proofing enables top-of-the-line results for their clients. The trend of digital onboarding is increasing, and AuthenticID will assist global businesses in setting up identities, cut the risk of fraud and boost confidence. We are delighted to partner with AuthenticID and share their vision of securing identities across the globe. “
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