'Persona' Raised $150 Million to Upscale its Services
Colin Smith — March 29, 2022 — Business
References: withpersona & cbinsights
'Persona' has raised $150 million USD in a Series C round of funding that it will use to scale its 'Persona ID Verification' services. As more and more businesses, governments, and banks rely on online operations, the importance of digital ID verification and fraud prevention grows immensely. Persona is currently a large player in the ID verification space with operations in over 195 countries.
The digital identity verification industry has been growing at an exponential rate, and is expected to grow to a valuation of nearly $50 billion USD by 2026. Persona's internal metrics reflect this growth, as the company reported a 20x increase in its revenue and a 5x expansion of its consumer base in the last year. With this new round of funding, Persona will scale and improve its ID verification services to secure a larger market share in this rapidly evolving space.
Image Credit: Persona
The digital identity verification industry has been growing at an exponential rate, and is expected to grow to a valuation of nearly $50 billion USD by 2026. Persona's internal metrics reflect this growth, as the company reported a 20x increase in its revenue and a 5x expansion of its consumer base in the last year. With this new round of funding, Persona will scale and improve its ID verification services to secure a larger market share in this rapidly evolving space.
Image Credit: Persona
Trend Themes
1. Digital Identity Verification - As more businesses operate online, firms that use digital ID verification to prevent fraud offer investment opportunity.
2. Fraud Prevention Technology - Rapidly expanding fraud prevention technology companies offer worthwhile monetary investment potential for interested parties.
3. Market Growth of ID Verification - Investing in firms providing ID verification services is a smart choice with exponential growth forecasted through 2026.
Industry Implications
1. Fintech - Digital identity verification is crucial for online banking, making it an industry in which there is great opportunity for growth and innovation.
2. E-commerce - Online retailers heavily rely on digital identity verification technology to detect fraudulent transactions which highlights investment potential for this industry.
3. Online Government Services - The growth of digital ID verification represents an exciting opportunity in streamlining the public sector and opens up investment possibilities.
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