TORONTO, May 11, 2023 (GLOBE NEWSWIRE) -- Stack Capital Group Inc., (TSX: STCK and STCK.WT) is pleased to announce that Prove Identity, Inc. (“Prove”), a global leader in consumer identity verification and authentication, and existing Stack Capital Group Inc. portfolio holding, was recently selected by Visa, Inc. (NYSE:V), a world leader in digital payments; and FanDuel Group, an industry leader in legalized and regulated mobile sports wagering, to provide identity verification and authentication solutions aimed at preventing fraud and delivering a more efficient customer onboarding process.
Visa clients now have access to the award-winning Prove Pre-Fill® identity verification solution, which enables customers to opt into pre-filling registration forms securely and with ease. Eight of the top ten banks in the United States; and 1,000+ bank, fintech, healthcare, retail and gaming companies worldwide currently leverage Prove’s solutions to reduce fraud, deter abandonment during the registration process, and ultimately increase revenue by pre-populating application forms with verified and authenticated information. Prove will make customer onboarding at Visa significantly faster, reduce fraud, while at the same time improving customer security.
FanDuel Group selected Prove to offer a seamless and secure gaming experience for its users, and the partnership marks Prove’s continued growth and adoption within the larger iGaming and sports betting landscape. Using the Prove Pre-Fill® solution, online applications will be auto-filled with bank-grade data from authoritative sources, and consumer identities will be authenticated to thwart account opening fraud. Overall, FanDuel users will benefit from a faster, easier, and more secure sign-up process.
“The recent Visa and FanDuel partnership announcements confirm that the identity verification & authentication solutions from Prove deliver value,” said Jeff Parks, CEO of Stack Capital. “It’s no coincidence that Prove is used by the top US banks, along with 1,000+ other businesses worldwide to more efficiently on-board customers, better detect and reduce fraud, and grow revenues. We’re impressed with the growth of Prove’s business to date and believe that the Company is well-positioned to build on its already impressive global footprint.”
To access a copy of Prove’s Visa press release, please click here.
To access a copy of Prove’s FanDuel press release, please click here.
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 the 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.
About Prove Identity
As the world moves to a mobile-first economy, businesses need to modernize how they acquire, engage with, and enable consumers. Prove’s phone-centric identity tokenization and passive cryptographic authentication solutions reduce friction, enhance security and privacy across all digital channels, and accelerate revenues while reducing operating expenses and fraud losses. Over 1,000 enterprise customers use Prove’s platform to process 20 billion customer requests annually across industries, including banking, lending, healthcare, gaming, crypto, e-commerce, marketplaces, and payments.
About Visa
Visa, Inc. is a global digital payment technology company that serves individual and commercial clients, financial institutions, government entities, and merchants. It facilitates global e-commerce through digital payments and information. Visa’s transaction processing network, VisaNet, conducts clearing, authorization, and settlement of payment transactions. The company also routes payment information and related data. Its portfolio of offerings consists of mobile payments, payment cards, commercial payments, transaction processing services, merchant solutions, and other digital services. It also supports the local businesses. The company operates in the Americas, Europe, Asia-Pacific, the Middle East, and Africa.
About FanDuel
FanDuel Group is an innovative sports-tech entertainment company that is changing the way consumers engage with their favorite sports, teams, and leagues. The premier gaming destination in the United States, FanDuel Group consists of a portfolio of leading brands across gaming, sports betting, daily fantasy sports, advance-deposit wagering, and TV/media. FanDuel Group has a presence across all 50 states with approximately 17 million customers and nearly 30 retail locations. The company is based in New York with offices in California, New Jersey, Florida, Oregon, Georgia, Portugal, Romania, and Scotland. Its network FanDuel TV and FanDuel+ are broadly distributed on linear cable television and through its relationships with leading direct-to-consumer OTT platforms. FanDuel Group is a subsidiary of Flutter Entertainment plc, the world's largest sports betting and gaming operator with a portfolio of globally recognized brands and a constituent of the FTSE 100 index of the London Stock Exchange.
For more information, please visit our website at www.stackcapitalgroup.com or contact:
Brian Viveiros
VP, Corporate Development, and Investor Relations
647.280.3307
brian@stackcapitalgroup.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1b1660ce-f478-4596-bef9-eb47f1e5a611
