Telstra Mobile ID Venture
TeleSign create mobile identities and have developed 2-step mobile-based verification tools to secure users identity online on accounts like Gmail, banking and others.
The technology sends users an online verification code via mobile SMS, voice message or mobile app, which are then keyed into an online account. The technology secures online payments and transactions, prevents fraud and account hacking.
The Los Angeles based company founded in 2005, protects 3.5 billion accounts in 200 countries and is used by giants Google, Facebook and Evernote to verify online users identification and 20 of the top 25 global web properties.
It is widely used by banks, who seek online verification before permitting transactions like online money transfer and payments.
Telstra plans to bring this technology to its own customers and offer a range of mobile identity solutions, says Mark Sherman, Telstra Ventures Managing Director.
The telco is currently in discussions with TeleSign which has not yet clarified if the security services will offer to individual customers or business, a spokesperson said.
The value of Telstra’s investment was not disclosed.
“We are excited to be a part of the journey as the company continues to expand globally,” said Sherman.
The investment will help accelerate TeleSign growth in the Asia Pacific market and leverage Telstra’s well established customer relationships, said Steve Jillings, TeleSign’s CEO.
The startup company has doubled its revenue every year for the last four years and has a host of new products up its sleeve ready for launch, and expects growth to continue.
“The Telstra investment gives us additional resources to innovate even faster and continue our global expansion as we move toward our goal of an IPO,” said Jillings.
TeleSign recently closed a USD$40 million Series B financing round.