Persona Raises $200 Million to Expand Identity Platform
Persona raised $200 million in a Series D funding round to expand its identity platform that helps businesses verify their customers online.
The company is building a verified identity layer that will determine not only identity but also intent, helping businesses operate in a world that includes artificial intelligence agents, Persona said in a Wednesday (April 30) press release.
“Identity in an AI-driven world isn’t about ticking a box, and the question is no longer, ‘Is this a bot or not?’ but rather, ‘Who is the bot acting on behalf of, and what is their intent?’” Persona CEO and co-founder Rick Song said in the release. “Identity is the linchpin. It reveals who is behind each action, provides context around their intent, and ultimately builds trust in a future where AI mediates more of our interactions.”
The verified identity layer will enable businesses to manage evolving regulations, risk models and user journeys and provide individuals with a reusable identity they can use with different services, according to the release.
In addition to building the new verified identity layer, Persona has added new features over the past year, including enhanced age assurance solutions, expanded international know your business (KYB) capabilities, and extension into workforce identity security, the release said.
Persona’s latest funding round was co-led by Founders Fund and Ribbit Capital, per the release.
“Identity has become the foundation of every digital interaction, and in the age of AI, we believe solving identity will be more pivotal than ever,” Ribbit Capital Partner Nick Shalek said in the release.
Persona raised $150 million in a Series C funding round in September 2021, saying it would add to its team and extend its identity infrastructure offerings.
Identity-related suspicious activity accounts for 42% of all suspicious banking activity, with verification circumvention identified as the most reported type of fraud, according to the PYMNTS Intelligence report “How FinTechs Are Fighting Identity Theft and Identity Fraud.”
It was reported in March that investment firm Corsair Capital acquired a majority stake in ID verification platform IDnow for $295 million, saying it aimed to grow IDnow by strengthening its positions in multiple geographies and making more acquisitions.
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