Jumio will be looking to boost its development efforts after bringing in a whopping $150 million in its latest round of funding. The money comes courtesy of Great Hill Partners, with Jumio suggesting that the total is the largest ever secured in the digital identity space.
The news comes in the midst of a stellar year for Jumio. The digital identity specialist has enjoyed record traffic and record revenues during the pandemic, since COVID-19 created a surging demand for secure digital authentication options once lockdowns forced people to do more of their business online. The company is now hoping to build on that success, indicating that it will use the funds to expand and improve its portfolio of automated identity offerings.
In that regard, Jumio called particular attention to its new KYX Platform, which debuted in September. The KYX Platform analyzes a number of different sources to build comprehensive profiles of individual users. In doing so, the platform helps organizations evaluate risk and lets them make more informed decisions about their clientele.
Nick Cayer and Matt Vettel will represent Great Hill’s interests on the Jumio Board of Directors after making the investment. They will sit alongside Centana Growth Partners and Millennium Technology Value Partners as members of the Jumio Board.
“Jumio has established itself as the de facto global leader in online identity verification, fraud detection and compliance,” said Cayer. “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 growth, and the global market opportunity.”
“The need to establish someone’s digital identity remotely has never been greater,” added Jumio CEO Robert Prigge. “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.”
Jumio’s automated Jumio Go solution recently won a gold medal at the 2021 Cybersecurity Excellence Awards. The company also acquired the Anti-Money Laundering start-up Beam Solutions in September.
March 23, 2021 – by Eric Weiss