Jumio is an AI security software startup company that allows businesses to verify and manage user identities and provide cybersecurity with its KYX and eKYC platforms that offer a variety of end-to-end verification and identity proofing services. The business claims to have pioneered the “selfie authentication” model of identity verification.
Robert Prigge, CEO of Jumio, said, “I think the big thing is that the foundation of the internet is identity not anonymity...It’s been a big shift over the last couple of years. People wanted to originally hide behind anonymity, but now identify is the keystone. Whether it’s online banking or social networks, you need to be able to establish trust remotely.”
Based out of Palo Alto, California, the AI business also has other locations in North America, Latin America, Europe, and Asia-Pacific. Companies like Monzo, Rappi, HSBC, and United Airlines are all customers of the identity verification startup company. In addition, the business has verified more than 300 million identities in 200 countries and territories from real-time online transactions.
Today, the AI security business announced it raised $150 million in funding led by a single investor, Great Hill Partners.
Jumio Gains $150 Million in Financing
The news of this funding for the identity verification startup company comes after Prigge confirmed the business made $100 million in revenue last year, and the first money Jumio has raised since 2016.
With the new funding, the identity verification startup company plans on expanding its customer base and building new identity verification tools. In addition, Nick Cayer and Matt Vettel, partners at Great Hill, will join the board of directors for the AI identity verification business.
Prigge said, “Jumio’s innovations helped establish the identity verification market, and the need to establish someone’s digital identity remotely has never been greater...Nick, Matt and the Great Hill team bring tremendous expertise and a strong track record of innovation and strategic leadership, so we are excited to partner with them as we continue to scale.”
This funding comes five years after the startup company declared bankruptcy and was investigated by the SEC. At the conclusion of the investigation, former CEO Dan Mattes was fined $17 million for charges that he had defrauded investors. Jumio has since distanced itself from its last incarnation, which led the AI software startup company to where it is today.
Cayer said, “Jumio has established itself as the de facto global leader in online identity verification, fraud detection and compliance...Organizations must digitally transform their onboarding, KYC and AML monitoring processes, which have become even more vital as the volume of online and mobile payments reaches historic highs. We’re impressed with this team, the company’s robust growth over the last year, its global coverage and the global market opportunity.”
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.