TORONTO, March 2, 2022 /CNW/ - Stack Capital Group Inc.
("Stack Capital") (TSX: STCK) (TSX: 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 29 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. 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.
For more information, please visit our website at
www.stackcapitalgroup.com or contact:
SOURCE Stack Capital Group Inc.
