Jumio- a California-based online mobile payment and identity verification company, has reportedly raised USD 150 million worth of investments from Great Hill Partners- a private equity company that largely invests in high-growth, disruptive entities.
It is crucial to note that the transaction represents the single largest funding round that has taken place in the digital identity space and showcases the growing importance of establishing user’s identity remotely to protect against financial crime and fraud, through AML and KTC rules and drive online conversions.
For the record, the latest funding will help scale-up Jumio’s global lead in the digital identity segment by offering an additional resource to automate its identity verification system, expanding the presence of the KYX Platform of Jumio, and help increase its suite of AML compliance services.
Seemingly, Jumio offers its pioneering document-based identity approach to prominent blue-chip companies operating in the financial services, telehealth, social media, and online gaming sector.
Citing reports, through the investment, Nick Caver and Matt Vettel, currently with Great Hill Partners, will join Millennium Technology Value Partners and Centana Growth Partners on Jumio’s Board of Directors.
Robert Prigge, CEO of Jumio, was reportedly quoted stating that the technology by Jumio has established a strong name in the identity verification space, and with the growing need to establish digital identity remotely has been rising at a rapid rate owing to growing incidences of fraud.
Robert mentioned that Great Hill has in the past showcased high growth investing experience across compliance, cybersecurity, and financial technology fields, having added value to a wide range of tech-enabled companies like MineralTree, Versapay, SecureWorks, AffiniPay, and Confirmation. The recent funds by the company will help broaden Jumio’s offerings.
Citing reports, the funding follows a landmark year for the California-based company when in 2020, Jumio achieved high revenues and automation breakthroughs. In September 2020, the firm introduced its novel KYX Platform, which combines data from different sources to develop a complete digital profile of online users.