Fast-growing digital identity management company ID.me has raised $100 million in a new round of venture capital funding, valuing the company at $1.5 billion now.
The new investment was led by Viking Global Investors. CapitalG, Alphabet’s independent growth fund, Morgan Stanley, Lead Edge Capital, WndrCo, Willoughby Capital, BoxGroup and Moonshots were additional investors.
ID.me recently opened two new office locations in Tysons and is in the process of hiring more than 1,000 new employees in Northern Virginia by the end of 2021, quadrupling its current workforce.
The company provides identity authentication technology to both government and business customers. It said the COVID-19 pandemic has accelerated a massive digital migration for many critical services that require identity authentication. As opposed to separate verification services used by individual companies, ID.me’s platform creates login and identity credentials that move with individuals.
“What Visa did for financial transactions, we are doing for identity with our secure digital identity network,” said ID.me founder Blake Hall in announcing the new round of funding. “ID.me empowers people to fully control their own data through a portable and trusted login so they don’t need to create a new password at each site they visit.”
ID.me currently has 39 million members and says 70,000 new users sign up every day.
ID.me’s credentials are accepted by major federal agencies, 22 state agencies and more than 400 leading companies. It is used by military, first responders, health care and financial firms.
The company will use the new funding for expanding its workforce and the number of business and government agency customers.
ID.me has raised 13 rounds of funding since its founding in 2010.
Current job listings are posted online.