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ID.me Raises $3 Million in New Venture Debt Funding

Authentication specialist ID.me has raised $3 million in venture debt funding and expects to raise an additional $4.5 million before its Series B “bridge” round is done. (Bizjournal provides a helpful primer on convertible debt here.)

ID.me CEO Blake Hall confirmed the news with DC Inno, adding that the company is nearing announcement of “numerous major, nationwide partnership deals.” DC Inno noted that ID.me has announced partnerships with Coca-Cola and Hershey’s in recent months. In December, we reported that ID.me had announced that it would be providing ID verification for Connect.gov.

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The funding comes a year after ID.me’s last major fundraising $10 million raised in March 2014. The company’s total funding is more than $19 million.

Through its digital identity network, ID.me provides ID verification services that enable consumers to take advantage of group-affiliated benefits and discounts (as well as platform-based rewards). Beginning as a resource for military veterans to prove their status to secure online rewards from merchants, the platform now facilitates offers and rewards to group and non-group affiliated users. Users control what information they allow ID.me’s more than 800 partners to access; ID.me uses “bank grade security” in order to keep user’s information safe.

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Founded in 2010 and headquartered in Tyson’s Corner, Virginia, ID.me made its Finovate debut at FinovateSpring 2014 in San Jose. Check out our introduction to ID.me here, and watch their live demonstration from the conference here.