Jumio, a California based identity authentication platform, announced early in the 4th week of March 2021 that it has raised US $ 150 million in its new funding round. Interestingly, the investment has come from a single investor- Great Hill Partners.
Investors: Great Hill Partners is a Massachusetts, Unites States, based private equity firm that was founded in the year 1999. It generally seeks to partner and invest in middle-market companies in the high growth sectors including business services, consumer services, financial technologies, healthcare technologies and more. It has so far, as it claims, raised US $ 8 billion via 7 of its funds and invested in more than 81 companies. Its portfolio includes companies such as Ascenty, Wayfair, RxBenefits, Zoominfo, Symmetry, Bombas and more.
“Jumio has an incredible foundation – an expert management team, deep product roadmap and a global reach that is positioning the company for significant growth as the volume of online transactions and interactions, and associated fraud is reaching record-highs. In particular, we have a deep conviction in the company’s AI-enabled identity verification solution Jumio Go and KYC orchestration platform”—Nick Cayer, partner at Great Hill Partners.
Purpose of investments: Jumio’s current business is primarily of B2B form, as it provides organisations with tools to manage digital identity verifications. The new round of investment is posited to be utilised to
expand its AI capabilities and build a B2C product that helps individual customers better manage their online identities.
About Jumio:
Founded in 2016 by Daniel Mattes and Robert Prigge, Jumio is an AI-based identity verification platform.
It uses the power of AI, biometrics, machine learning, certified liveness to help organisations detect fraudsters, make their online business a hindrance free experience and convert more customers in compliance with KYC/AML.
Launched just a few years ago, Jumio has already verified over 300 million identities issued by more than 200 different countries. Its platform is used by the world’s leading companies in financial services, digital currency, retail, travel and online gaming sectors.
What the CEO has to say:
“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.”—Robert Prigge, co-founder and CEO of Jumio.
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