ID.me, a digital identity wallet serving over 152 million users, has raised $340 million through its Series E round and a new credit facility, valuing the company at more than $2 billion. The financing was led by Ribbit Capital with participation from Ares Credit funds, Moonshots Capital, and new investors, including Positive Sum.
The funds will accelerate efforts to strengthen secure digital access and address the growing threat of AI-enabled fraud. According to the GAO, fraud has cost the U.S. government up to $521 billion annually in recent years, with criminal groups increasingly exploiting deepfakes and stolen identities. ID.me has already proven its impact, preventing an estimated $270 billion in unemployment fraud across seven states during the pandemic, and improving access efficiencies for agencies like the Virginia Employment Commission.
“Fraud is evolving at the speed of AI—and so are we,” said Blake Hall, Founder and CEO of ID.me. In 2024, the company issued more than 20 million new wallets and facilitated over 409 million logins, a 44% annual increase.
Ribbit Capital’s General Partner, Justin Saslaw, noted, “ID.me has built one of the most advanced and widely adopted digital identity wallets in the world, giving it a durable advantage in creating and scaling the identity tokens that will power this new era. We’re excited to partner with Blake and the ID.me team as they expand their leadership in the token-driven AI economy.”