USAA Invests For A Second Time In DC Startup ID.ME
After serving as a combat veteran in Iraq, Veteran entrepreneur Blake Hall embarked on a new startup. TroopID at the time was a way for veterans to get easily identified to take part in discount programs and benefits at businesses nationwide. Nibletz was one of the earliest outlets to report on the startup.
Troop ID served as a validation clearing house for military personnel. They were able to do this not with some top secret government clearance and access to a secret database, but rather by leveraging partners with USAA. That early partnership with USAA in 2012 led to a $10 million dollar investment in 2014 from the San Antonio based insurance and financial company that works with veterans.
TroopID has since pivoted to a more general ID focused cyber-security company.
The San Antonio Business Journal reports that USAA has participated in ID.Me’s $19 million dollar Series B round. The round was led by FTV Capital, a firm which typically invests between $10 million and $85 million into companies with revenue between $10 million and $100 million annually. The amounts were not disclosed.
USAA could use the ID.me technology to verify the identities of it’s customers and verify their military service. ID.me was recently included in a group of companies that were awarded a contract to verify veterans through vets.gov.
ID.me was also recently honored with a gold medal in the prestigious PYMNTS Innovator Award as part of the Innovation Project 2017. The awards dinner was held last week at Boston’s Fenway Park in a ceremony emceed by actor and comedian Jason Alexander.
“The PYMNTS Innovation Awards celebrate the companies, and men and women, who have made the most significant contributions to innovation in payments and commerce in the past, and the entrepreneurs who have the most promising solutions for driving innovation forward,” according to Karen Webster, CEO of PYMNTS.com. “I’m very honored to be able to recognize these contributions at IP 2017.”
You can check out ID.me here.