TORONTO, CANADA, March 2, 2022 - Stack Capital Group Inc., ("Stack Capital") (TSX: STCK and STCK.WT) is pleased to announce that it has invested $3.8 million USD into Prove Identity, Inc. (“Prove”), a leading provider of digital consumer identity verification and authentication solutions. Currently used by over 1,000 businesses across 200+ countries, including nine of the top ten financial institutions in the United States, the digital ‘trust’ that the Prove solutions deliver enable businesses to streamline customer acquisition and provide frictionless servicing, while mitigating fraud and enhancing consumer data privacy and choice. Recently named to Deloitte’s Technology Fast 500 List for 2021, Prove achieved significant growth during 2017-2020, and is now only one of twenty-nine companies to have made the list at least five times.
Prove’s core offering is the Phone-Centric Identity™ solution which enable banks and other businesses operating within financial services, payments, cryptocurrency, insurance, healthcare, and retail to acquire new clients or engage with existing customers while mitigating fraud and enhancing consumer data privacy. The cloud solutions and phone intelligence-driven APIs offered by Prove are easily orchestrated to modernize every aspect of a business and its digital operations, from onboarding, to servicing, to payments. This solution has been shown to drive 75% in fraud reduction and a 35% reduction in onboarding abandonment.
“Solutions that can help improve identity verification and authentication are extremely attractive and valuable in this day and age,” said Jeff Parks, CEO of Stack Capital. “Prove and its Phone-Centric Identity™ solution helps companies operating across various sectors, and of all sizes, achieve their respective growth objectives, while making daily transactions easier and more secure for consumers. The future growth prospects for Prove are extremely compelling and we’re excited to include the business as part of the investment portfolio at Stack Capital.”
To access Stack’s investment overview on Prove, along with any of its other portfolio investments, please click here.
Additionally, Stack Capital would like to announce that it plans to release its fiscal year 2021 financial results before market open on March 10, 2022.
About Stack Capital
Stack Capital is an investment holding company and its business objective is to invest in equity, debt and/or other securities of growth-to-late-stage private businesses. Through Stack Capital, shareholders have the opportunity to gain exposure to a diversified private investment portfolio; participate in the private market; and have liquidity due to the listing of the Common Shares and Warrants on the TSX. At the same time, the public structure also allows the Company to focus its efforts on maximizing long-term performance through a portfolio of high growth businesses, which are not widely available to most Canadian investors. SC Partners Ltd. (the "Manager") has taken the initiative in creating the Company and acts as the Company's administrator and is responsible to source and advise with respect to all investments for the Company.
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