Venture Capital: AI-Powered, Digital Identity Verifier Jumio Scores $150M Round
This is claimed to be the biggest fundraising ever for an identity verification company.
Jumio, the leader in identity verification, eKYC solutions, and AML, announced Tuesday its raise of $150 million from Great Hill Partners, the Boston-based private equity firm that specializes in investing in high-growth companies across tech sectors. With this investment, the startup has raised more than $255 million in total funding. (Finovate)
Digital identity verification and protection against money laundering became extremely important in the massive global thrust on digitization after the pandemic.
According to the 2020 Gartner Market Guide for Identity Proofing and Affirmation, by 2023, 75% of organizations will be using a single vendor with strong identity orchestration capabilities and connections to many other third parties for identity proofing and affirmation, which is an increase from fewer than 15% today.
Notably, Jumio achieved record revenues, volumes, and automation breakthroughs in 2020.
“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,” said Great Hill Partner Nick Cayer in a statement.
The investment from Great Hill Partners will carry that momentum further by enhancing Jumio’s offerings that defend against fraud and financial crime, comply with KYC and AML regulations, and boost online conversions.
Jumio will also use the new money to further develop its KYX platform and expand its suite of AML compliance services.
Great Hill Partners Nick Cayer and Matt Vettel will join Jumio’s Board of Directors.
Jumio: Checkered background
Founded in 2010, Jumio was a pioneer in the digital identity market. However, in 2016, it entered bankruptcy, according to Silicon Angle. It was acquired by Eduardo Saverin, co-founder of Facebook (NASDAQ: FB), and emerged out of bankruptcy that same year.
Clearly, it’s a very different company now.
“Jumio’s innovations helped establish the identity verification market, and the need to establish someone’s digital identity remotely has never been greater,” said Jumio CEO Robert Prigge.
Related Story: iProov Launches Web Authentication for Web Browsers
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