News

Payfone raises $24M, enters digital ID partnership with TransUnion

April 18, 2019

Payfone Inc., a platform for the authentication of digital identity, has raised $24 million in funding from TransUnion and as part of a strategic partnership, will integrate Payfone technology into the TransUnion IDVision with iovation suite, according to a press release. Existing investors Synchrony, MassMutual Ventures (the funding arm of MassMutual Life Insurance), and Wellington Management also participated in the funding round. 

Payfone CEO Rodger Desai said that the fear of identity fraud and cyberattacks has held the digital economy back from its full potential, and pointed to the fact that five times more loans are made in person than online.

"With our partnership with TransUnion, we can now leverage TransUnion's footprint of more than 30 countries to expand our TrustScore around the globe, allowing billions of additional consumers to safety access digital services," he said

Payfone technology uses proprietary algorithms to help companies bolster their digital identity verification capabilities to create tokenized IDs, which allows them to approve more digital transactions instantly, a spokesperson told ATM Marketplace sister publication Mobile Payments Today.