Jumio is celebrating yet another record-breaking quarter. The company has been on a phenomenal upward trajectory for the past few years, most recently reporting a 130 percent increase in year-over-year sales in the fourth quarter of 2021.
Now the company has repeated the feat with 140 percent sales growth for the first quarter of 2022. The news speaks to the high demand for secure identity verification solutions in a number of different industries, and especially amongst highly regulated financial services and government organizations.
For its part, Jumio noted that its technology can help organizations achieve compliance with various international standards. The company’s platform uses face and document recognition to match a selfie to the image on a photo ID during the onboarding process. It can also monitor account activity on an ongoing basis to watch for signs of potential fraud.
Jumio’s highlights for the quarter include its listing in March’s Gartner Market Guide for Identity Proofing and Affirmation. This is the fourth consecutive year that Jumio has been named as a Representative Vendor in the report. In the meantime, Jumio’s KYX solution went home with a gold and a silver prize in the fraud prevention and AI security categories, respectively, at the 2022 Cyber Security Global Excellence Awards.
“Government agencies are changing their mindset and now truly understand the need to implement cutting-edge identity verification technology in order to prevent scammers from impersonating unknowing citizens and to know with a high level of assurance that only legitimate end users are accessing benefits and services,” said Jumio CEO Robert Prigge.
In other news, Jumio is looking to raise its profile in the Middle East, and has consequently asked Arshad Sheikh to serve as its first sales leader for the entire Middle East, Turkey and North Africa region. The company also completed its acquisition of 4Stop during the first quarter of the year.
April 22, 2022 – by Eric Weiss