ID.me Raises $340 Million to Combat AI-Driven Fraud and Expand Secure Digital Identity

MCLEAN, Va., Sept. 3, 2025 /PRNewswire/ -- ID.me, trusted by more than 152 million users to securely prove their identity online, has raised $340 million across a Series E financing announced today and its recent credit facility, at a valuation exceeding $2 billion. The Series E round was led by Ribbit Capital, with participation from existing investors Ares Credit funds and Moonshots Capital, as well as new investors, including Positive Sum. This funding will accelerate ID.me's mission to expand access to secure, reusable digital identity and to stop AI-driven fraud.

Fraud is now both a financial and national security crisis. Between 2018 and 2022, the U.S. government lost up to $521 billion annually to fraud, according to the GAO. Organized criminal networks in Russia, China, and Nigeria have stolen billions in pandemic relief funds, while North Korean actors increasingly target U.S. companies using stolen identities. Fraudsters are now weaponizing AI tools like deepfakes to exploit vulnerabilities faster than ever. Defeating them requires equally advanced, rapidly deployed solutions.

ID.me is at the forefront of this fight. Seven states credited ID.me with preventing more than $270 billion in unemployment fraud during the pandemic. After the Virginia Employment Commission introduced ID.me in 2024, digital claims rose by 173% while call center volume fell by 57%—streamlining access for claimants and reducing operational strain for the agency.   

"Fraud is evolving at the speed of AI—and so are we," said Blake Hall, Founder and CEO of ID.me. "Secure identity is foundational to AI ecosystems that will depend on memory, context, and authentication, and ID.me is leading the charge. This funding strengthens our ability to expand secure digital access, protect privacy, and innovate faster to stay ahead of criminal networks."

This milestone underscores ID.me's rapid growth as a trusted digital wallet. In 2024 alone, ID.me added 20.4 million new wallets—over 55,000 each day—and powered more than 409 million successful logins—a 44% increase year-over-year.  

With unmatched reach and a proven ability to deliver measurable impact, ID.me serves:

• 152 million users, representing nearly 60% of U.S. adults
• 76 million verified to federal IAL2 standards
• 20 federal agencies and 45 state agencies
• 70+ healthcare organizations
• 600+ leading consumer brands
• 500+ US employers 

"We believe the AI revolution will reshape the global economy, and identity will be its foundation," said Justin Saslaw, General Partner at Ribbit Capital. "As AI agents become ubiquitous, trusted identity tokens will enable secure, seamless interactions between people, organizations, and machines. 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."

"As AI reshapes the economy and new fraud risks emerge, we believe ID.me's digital identity wallet will become even more essential in enabling secure connections between large organizations and their users, while also minimizing friction and improving the end-user experience," said John Clark of Ares Management. "Ares is proud to continue supporting ID.me in its next phase of growth."

About ID.me

ID.me is the next-generation digital identity wallet that simplifies how individuals securely prove their identity online. Consumers can verify their identity with ID.me once and seamlessly sign-in across websites without having to create a new sign-in and verify their identity again. Over 152 million users experience streamlined sign-in and identity verification with ID.me at 20 federal agencies, 45 state government agencies, and more than 70 healthcare organizations. More than 600 consumer brands use ID.me to verify communities and user segments to honor service and build more authentic relationships. ID.me's technology meets the federal standards for consumer authentication set by the Commerce Department and is approved as a NIST 800-63-3 IAL2 / AAL2 credential service provider by the Kantara Initiative. ID.me is committed to "No Identity Left Behind" to enable all people to have a secure digital identity. To learn more, visit https://network.id.me/.

SOURCE ID.me, Inc.