HousingWireHousingWire
State Farm Ventures, the investment arm of State Farm, has made a strategic investment in digital identity verification provider Proof. The capital infusion will reportedly go toward bolstering fraud prevention efforts and improving security in insurance and other industries.
The investment aims to advance Proof’s technology to combat identity fraud and automate traditionally paper-intensive business processes. An amount for the investment was not disclosed.
Proof reported $150 billion in authorized transactions in 2024, reflecting rising demand for secure identity solutions despite broader economic challenges. The company saw 44% growth in the real estate sector, even as home sales hit their lowest levels since 1995.
Fraud prevention has become a critical concern in insurance and financial services, with businesses increasingly turning to secure digital verification tools.
“State Farm Ventures is committed to investing in innovative technologies that make digital transactions safer for our customers,” Mike Remmes, vice president of State Farm Ventures, said in a statement. “Proof’s advanced identity verification platform aligns with our mission to support the kind of innovation we want to bring to the insurance industry — one that improves both security and customer experience.”
Proof provides a network of identity verification solutions, with its platform linking verified identities to digital transactions.
“This strategic investment affirms Proof’s role in transforming how identities are verified in the digital world,” Proof CEO Pat Kinsel said. “Just as digital payments revolutionized financial transactions, we are setting a new standard for identity verification. Our platform empowers businesses and individuals to establish trust remotely and securely.”
Last year, the company launched its artificial intelligence-powered fraud detection tool, Defend, which provides firms with a “risk score” for every transaction. The risk score highlights specific fraudulent issues behind each authorization, signature, notarization or identity verification.
In October 2024, Proof announced the release of Verify, a deepfake detection tool designed to “deliver high-level assurance with identity verification performed in the presence of an agent.”
