The Series C round brings Persona's total funding to $217.5M. Here are the top-line bullets you need to know.
Persona, an identity verification startup, has raised $150M in a Series C. The round drew participation from Founders Fund, Meritech Capital Partners, Coatue Management, Bond, and Index Ventures.
HOW’S THE COMPANY PERFORMING?
- San Francisco-based Persona helps businesses verify customer identities in order to help with age verification, fraud prevention, and account recovery.
- Persona caters to a wide variety of industries, including retail, hospitality, delivery, real estate, EdTech, and fintech.
- Over the past year, the company’s revenue has grown 20x, and its customer base has grown by more than 5x in that time.
- Persona operates in over 195 countries and is available in 20 languages.
- The company’s clients include Square, DoorDash, Brex, Coursera, Gusto, Robinhood, and Blockfi, among others.
WHY DOES THE MARKET MATTER?
- The global digital identity solutions market is projected to grow at a CAGR of 16.2% and reach a value of $49.5B by 2026, according to Markets and Markets.
- The growing prevalence of cyberfraud and data breaches alongside the need to comply with new regulations designed to safeguard companies and individuals is fueling market growth.
- As banking services move increasingly online, digital identity services have become a major topic of discussion. In the UK, PSD2 spurred the creation of new legal requirements for strong customer authentication, which led banks, card issuers, and other payment service providers to strengthen their customer authentication methods.