SheerID Expands Identity Marketing Platform

Customer segmentation identification company SheerID launched its Employment Verification tool today in 191 countries. The move enables brands to identify and acquire new customers across the globe.

SheerID’s segmentation tool enables companies to identify consumer subsets such as military members, students, and teachers to help personalize communications and increase customer acquisition via gated, personalized offers for different employee groups. Today’s geographical expansion of SheerID’s technology will help brands build their acquisition efforts on a global scale.

Along with employment verification, SheerID has updated its age range verification tool, which is available in 23 countries. With this offering, brands can more efficiently target consumer groups such as seniors and young adults.

“With this latest expansion of verification types, we’re making it easy for brands to extend their identity marketing campaigns beyond the U.S. and personalize offers in new ways, to new potential customers,” said Jake Weatherly, SheerID CEO. “The opportunity to use personalized offers to acquire consumer tribes is endless, and this latest expansion is yet another step forward in meeting customer demand.”

SheerID leverages 9,000 data sources and 1.3 billion identity attributes. Among the company’s clients are Amazon, Lowe’s, Spotify, and T-Mobile. SheerID, which recently showcased at FinovateSpring 2019, has raised $96 million since it was founded in 2011.

SheerID Lands $64 Million for Segmented Identity Verification

Customer segmentation identification company SheerID is receiving a boost for its platform today with a $64 million investment. The funds bring SheerID’s total funding to $96 million.

The round was led by CVC Growth, which will join SheerID’s board of directors. SheerID will use the funds to fortify its marketing, sales, and engineering efforts; launch in more geographies, and add more consumer segments relating to occupation, interests, causes, and affiliations.

SheerID was founded in 2011 to help companies gate exclusive offers to high-value customer segmentation groups. The segmentation, for example, prevents customers from using their student ID from the 1990s to score a discount on a laptop today. Other segmentations include military personnel, teachers, and seniors. “Our platform allows brands to create offers that honor and recognize an entire consumer tribe, increasing trust and word-of-mouth, and decreasing customer acquisition costs,” explained SheerID CEO Jake Weatherly.

The new funds come at a time of significant growth for SheerID. The company has seen 4.5x revenue growth over the past three years, ranked 243 in the Deloitte and Touche Fast 500, and landed 200 customers including Target, Amazon, Lowe’s, Comcast, Google, T-Mobile and Urban Outfitters.

“Our exponential growth is driven by major shifts in personalization, privacy, and performance marketing,” Wealtherly said. “Marketers are struggling to capture the attention of consumers who want more control over their personal data and less uninvited marketing from brands.”

Oregon-based SheerID demoed its verification platform at FinovateSpring 2019. The demo showed how the SheerID platform can help banks not only verify credentials for exclusive offers but can also fuel personalized marketing.

Finovate Alumni News

On Finovate.com

  • Financial Identity as a Service Innovator Juvo Teams Up with DOCOMO Digital
  • SheerID Lands $64 Million for Segmented Identity Verification

Around the web

  • HackerOne awards $3,500 in bounties to a pair of researchers who discovered vulnerabilities on its own platform.
  • AlphaPoint adds support for margin trading to its platform.
  • Bank of Georgia goes live with a new smart personal financial management (PFM) solution, mBank, developed by Strands.
  • Installment payment solution Splitit announces a new partnership with chiliPAD sleep system maker, Chilli.
  • Tradeshift integrates with fraud protection specialist SiS-id to reduce payments fraud.
  • Xero launches Pay with TransferWise, a new domestic bill payment solution to help U.K. customers pay and manage bills.
  • Pendo Systems teams with WSN to help customers navigate digital transformation.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alums Earn Spots on Deloitte’s 2019 Technology Fast 500

Of the 500 fastest growing technology companies in North America right now, how many have demonstrated their technology live on the Finovate stage?

The answer, courtesy of Deloitte’s just-released 2019 Technology Fast 500 ranking, is a full, baker’s dozen of thirteen innovative firms that have introduced their solutions to Finovate audiences. Update: 11/13: Make that 14 companies!

“This year marks the 25th anniversary of Deloitte’s Technology Fast 500, so we are especially pleased to announce and congratulate the 2019 winners,” Deloitte Vice Chairman Sandra Shirai said. “Once again, we saw innovation across the board, with software companies continuing their dominance of the top ten. It’s always inspiring to see how the Fast 500 companies are transforming business and the world we live and work in.”

Making the top 20 of Finovate alums making the cut was Unison, which made its Finovate debut at FinovateSpring in 2017, winning Best of Show. Unison’s HomeBuyer and HomeOwner solutions help make homes more affordable and home equity easier and less expensive to access.

Also notable on Deloitte’s list is the appearance of two of our newest alums – SheerID and EVERFI – which demonstrated their solutions earlier this year at FinovateSpring.

Check out all the Finovate alums that made the list below. We’ve included their Technology Fast 500 rank, three-year revenue growth rate, headquarters location, and a link to the company’s most recent Finovate demo video.

Unison
Rank #19
Growth 5,280%
San Francisco, California
FinovateFall 2017

Signifyd
Rank #115
Growth: 1,084%
San Jose, California
FinovateSpring 2013

Juvo
Rank #122
Growth: 1,036%
San Francisco, California
FinovateFall 2016

WorkFusion
Rank #129
Growth: 974%
New York City, New York
FinovateFall 2014

Alkami
Rank #130
Growth: 958%
Plano, Texas
FinovateSpring 2009 (as iThryv)

Payfone
Rank #185
Growth: 596%
New York City, New York
FinovateFall 2012

Passport
Rank #214
Growth: 510%
Charlotte, North Carolina
FinovateEurope 2016

Feedzai
Rank #231
Growth: 472%
San Mateo, California
FinovateEurope 2014

SheerID
Rank #243
Growth: 450%
Portland, Oregon
FinovateSpring 2019

WealthForge
Rank #297
Growth: 359%
Richmond, Virginia
FinovateSpring 2016

Dashlane
Rank #348
Growth: 282%
New York City, New York
FinovateEurope 2013

Lendio
Rank #378
Growth: 250%
Lehi, Utah
FinovateSpring 2011

Kabbage
Rank #448
Growth: 198%
Atlanta, Georgia
FinovateSpring 2015

EVERFI
Rank #469
Growth: 184%
Washington, D.C.
FinovateSpring 2019



SheerID Launches Instant Student Verification in 190+ Countries

SheerID, the Oregon-based firm that leverages its digital verification identity technology to support gated, exclusive offer campaigns, unveiled its Instant Student Verification solution today. Available in 191 countries, the first-of-its-kind technology enables brands from Amazon to Spotify to more effectively make gated offers to university students worldwide.

Using SheerID is straightforward. Students provide some basic information – name, university, and date of birth – and SheerID verifies their eligibility for student offers from a wide and growing variety of top brands. This gated offer approach not only provides for more relevant rewards and offers, it also respects the privacy preferences of Gen Z consumers who SheerID said are anticipated to make up 40% of consumer spending by 2020.

“(This) announcement marks another major milestone for SheerID and a major milestone for the industry,” SheerID CEO Jake Weatherly said. “Building authentic, trust-based relationships with students around the world is an imperative for every brand as students are literally the next-generation consumer.” Weatherly said that the ability to instantly verify a student’s status, anywhere in the world, “ushers in a tsunami of opportunity” for brands marketing to Gen Z consumers in what he called a “privacy-friendly context.”

The concept, as Weatherley explained in a blog post this week titled Why SheerID Launched the First Worldwide Student Verification Platform, puts exclusivity as the center. Discussing the critical opt-in nature of gated offers, he wrote: “By recognizing the person on the other side of the purchase – and respecting their rights to control their data – exclusivity marketing goes beyond the transaction to infuse more meaning into the exchange. It creates an authentic customer relationship.”

In addition to the instant student verification announcement, SheerID also introduced its enhanced fraud prevention. This additional layer of protection features cross-checking of specific identity attributes with third party sources, as well as leveraging advanced algorithms to detect suspicious activity consistent with fraud.

SheerID made its Finovate debut earlier this year at FinovateSpring in San Francisco, where the company demonstrated multiple use cases of its Verification Platform. The company counts more than one billion consumer attributes across nearly 9,000 authoritative data sources in its Verified Identity Network.

SheerID has raised $32.1 million in funding, and includes Centana Growth Partners and Voyager Capital among its investors.

Finovate Alumni News

On Finovate.com

  • SheerID Launches Instant Student Verification in 190+ Countries.
  • HooYu and NatWest Collaborate to Offer Account Opening By Selfie.

Around the web

  • Flywire partners with Student Loan Company to provide additional payment options for SLC’s overseas customers.
  • CREALOGIX announces the departure of CFO Philippe Wirth, who has served in this capacity since April 2017.
  • Ascend FCU ($2.5 billion in assets) to deploy Jack Henry & Associates’ Symitar Episys platform.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateSpring Sneak Peek: SheerID

A look at the companies demoing live at FinovateSpring on May 8 through 10, 2019 in San Francisco, California. Register today and save your spot.

SheerID helps financial institutions acquire high-value customer segments like students, the military, and teachers, with gated, exclusive offers.

Features

  • Sub-second verification for 10 eligibility segments
  • Unparalleled coverage with 8900+ authoritative data sources
  • Privacy-friendly customer experience

Why it’s great

SheerID works with leading brands like Amazon, Discover, Spotify, Target and T-mobile. The solution is proven to deliver a 20:1 return.

Presenter

Sai Koppala, CMO and Head of Product

Koppala is the CMO at SheerID. Prior to this role, he led marketing and product teams at companies like Google, SAP, Proximity (acquired by Apple), and Apigee (acquired by Google).
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