Dashlane, an award-winning password manager and leader in online identity management, announces the closing of $22.5 million in a Series C round of funding.
The round is led by TransUnion (NYSE: TRU), a global leader in information solutions, including credit monitoring and identity protection, and also includes participation from previous investors Rho Ventures, FirstMark Capital and Bessemer Venture Partners. The round brings Dashlane's total funding to date to $52.5 million.
"Today marks an important milestone in our path forward as an identity management company," said Emmanuel Schalit, CEO of Dashlane. "Our mission has always been to make identity and payments simple and secure everywhere. This new round of funding, combined with the strategic relationship with TransUnion, will strengthen our ability to achieve this vision by giving us the capital to accelerate our roadmap, as well as the ability to further integrate new powerful services for our users."
The friction and security challenges of digital identity lie as much in logins and passwords as in the way individuals provide their payment information to digital merchants and services. Consumers are worried about their payment details being stolen when they buy online and frustrated when they see valid transactions being declined. This new round of funding and strategic additions to the board will increase Dashlane's ability to solve these core challenges of digital identity for both consumers and businesses.
Dashlane and TransUnion will work together to create innovative services for their respective customers. These integrated services will focus on credit monitoring, identity and fraud protection, credit information and breaches. TransUnion will also help Dashlane expand its distribution through TransUnion's multiple partner channels in the U.S. and globally. As part of the round, John Danaher, president of TransUnion Consumer Interactive, will join Dashlane's board.
"We are impressed by Dashlane's capabilities from a product and technology standpoint," said Danaher. "Dashlane's mission is straightforward, and the company is uniquely positioned to benefit from the ever-increasing need for simple, secure digital identity solutions. We feel TransUnion, with its vast array of credit and identity protection services and its global consumer reach, can help accelerate Dashlane's growth even further."
The round of funding comes as Dashlane is expanding its network of partnerships with large financial institutions. Dashlane recently announced a partnership with Banamex, the largest bank in Mexico and a subsidiary of Citigroup, Inc., and will announce more partnerships with leading banks and payment networks in the coming months.
The company can also announce that Carl Pascarella, former CEO of Visa Inc. (NYSE: V), has joined its board as an independent director. "Dashlane's ability to facilitate payments and help reduce fraud is uniquely relevant for financial institutions," said Pascarella. "I am excited to have an opportunity to lend my experience to help the team at Dashlane accomplish their vision for secure information and online payments." On the addition of Mr. Pascarella, Dashlane CEO Emmanuel Schalit states," Carl immediately understood the potential we had to make checkout easier and more secure. His decades of experience, including 12 years as CEO of Visa, and his unique network will allow us to make a major impact in the financial services world."
Dashlane, which launched its product in April 2012, was the first company to introduce numerous innovations in digital identity management, such as secure password sharing, emergency access, and its landmark Password Changer. In the past few months the company has expanded the capabilities of its product to serve the needs of the business world and will introduce more business-focused services in the near future.
Dashlane helps more than 5 million consumers in over 150 countries manage their digital identities. The company has also facilitated $6 billion in e-commerce transactions to date.