Payfone, a New York, NY-based digital identity authentication network provider, as per recent reports, has just raised $24 million in a recent funding round, led by TransUnion, a Chicago, Illinois-based credit reporting agency. The funding round also saw participation from Payfone’s existing investors Synchrony, MassMutual Ventures, and Wellington Management. With this recent investment funding, Payfone has raised a total sum of $117.6 million.
This recent TransUnion investment follows the strategic partnership between the two organizations, which have been in business together since 2017. Moreover, with this recent investment deal, the Chicago-based TransUnion has cleared itself the way to integrate Payfone’s Trust Platform and Trust Score into its own “IDVision with iovation” suite of products.
“Within this new strategic partnership, we anticipate supporting Payfone’s expansion to new markets and looking at other uses of their products throughout our organization,” states Geoff Miller, senior vice president of global fraud and identity solutions at TransUnion. “We are both committed to protecting consumers, focusing on data privacy and building trust with our customers, and the combination of our solutions will create a better, more seamless experience for everyone.”
As part of this investment, Miller will be joining Payfone as a member of its board of directors. Moreover, TransUnion will now be serving as Payfone’s primary partner for regulated identity verification information.
Speaking on this, Payfone’s CEO Rodger Desai says, “With our partnership with TransUnion, we can now leverage TransUnion’s footprint of more than 30 countries to help expand our Trust Score around the globe, allowing billions of additional consumers to safely access digital services.”