Payfone has raised $100 million — led by funds advised by Apax Digital — to acquire strategic assets and strengthen its machine learning capabilities.
New investors Sandbox Insurtech Ventures and Ralph de la Vega, former vice chairman of AT&T, are joining the investment round. Existing investors MassMutual Ventures, Synchrony, Blue Venture Fund, Wellington Management, and former CEO of LexisNexis Andrew Prozes also participated.
Payfone said its customer identity platform enables financial institutions, healthcare organizations and technology companies to bring speed and security to their onboarding, digital servicing and call center processes.
Payfone’s authentication solutions enable Payfone to measure a phone number’s reputation and risk with real-time processing of behavioral signals. Payfone’s platform detects burner phones, spoofed calls, real-time SIM swap fraud, and synthetic identities, while removing friction from legitimate transactions.