SAN FRANCISCO, July 15, 2022 /PRNewswire/ — Unum ID, the digital ID card network, has raised a $2M strategic round led by 1414 Ventures and Outliers, with participation from Draper Associates, TappanHill Ventures, and others. This round of funding will cement Unum ID’s position as the leader in reusable identity, supercharging growth from thousands to millions of verified digital ID cards to crack the cold start problem of reusable identity.
“We’re on the verge of a revolution in digital identity,” says founder Aidan McCarty, recently named Forbes 30 Under 30 with his brother and co-founder Liam McCarty. “Soon you’ll be able to prove who you are with a single click, anywhere online. Our dream is that you’ll never have to fill out a form again; you’ll present a verified digital ID instead.”
Unum ID’s patent pending tech leverages a first-of-its-kind Web Wallet to securely store and share digital ID – no app download or software install required. Users receive digital ID cards from issuers in under 10 seconds, and can leverage those cards to sign up instantly at any relying party. It’s as simple as clicking “Continue with 1-Click” and consenting to share the required data – slashing onboarding time from 6 minutes to 6 seconds. This solves the biggest pain point for financial services, which see upwards of 30% abandonment in account creation.
“Unum ID puts each person in control of their information – but ultimately this is about solving for a business need,” says Bradley Hinson, BD Lead at Unum ID. We dramatically cut abandonment rates with an amazing UX. One-click onboarding – who wouldn’t want that?” The company is growing fast, with dozens of FinTechs waiting in line to access the service. They are choosing partners selectively, cementing relationships with leading FinTechs, financial services, and IdV players that cover over 90% of US adults.
The reusable identity space is booming despite the bear market. Mckinsey and Liminal have projected the industry to be worth $100B+ by the end of the decade, and Unum ID is paving the way – generating powerful network effects to unlock the long-term value of tokenized, reusable IDs.
Redundant user identities permeate almost every industry, crying out for a unified ID to consolidate disparate records into one. You have 137 passwords, 215 usernames, 3 credit cards, and 2 bank accounts – but there’s only one you. You should have one digital ID. You should have Unum ID.
Unum ID is the digital ID card network. As the world leader in reusable ID, the company unlocks seamless, secure 1-Click sign-up, apply, and log-in across industries. Unum ID is supported by Franklin Templeton, Samsung, Draper Associates, and a range of world class angel investors and advisors. Its founders were named Forbes 30 Under 30 in 2021.