Jumio sets record Q1 2017 financial results with 47 percent growth

April 26, 2017 - 

Jumio has issued its financial results for Q1 2017, which showed 47 percent growth in annual recurring revenue (ARR) year-over-year.

The company attributes the net new growth to a surge of enterprise accounts, setting records for the most enterprise accounts in a given quarter and in daily transaction volume.

Meanwhile, Jumio’s customer base continues to expand as a result of its comprehensive identity verification solutions, which include Netverify Trusted Identity as a Service, ID verification, identity verification and document verification.

Netverify Trusted Identity as a Service includes biometric facial recognition and face matching, which have contributed to Jumio’s more than 200 percent growth year-over-year.

The company says this growth is a result of customers adopting more advanced identity verification processes that can align the digital ID to the real-world identity.

“Our expanding global customer base relies on Jumio to provide leading identity verification solutions that are designed to conduct business in a digital world,” said Stephen Stuut, CEO of Jumio. “Netverify Trusted Identity as a Service and the addition of Document Verification are additional steps in enabling our customers to comply with regulations such as AML, KYC and PSD2, and to design identity verification processes that provide safe and secure transactions as well as a great customer experience.”

Announced in the past quarter and featured at Finovate Spring, Jumio’s Netverify Document Verification provides an additional layer of identity verification by enabling users to scan critical documents.

Utility bills, for example, provide proof of address, while bank statements provide important information such as account balance and account number that helps with KYC and AML requirements.

The solution also enables users to scan folded, wrinkled or even crumpled documents and extracts the data with nearly flawless results.

Previously reported, Free2Move and DriveNow have selected the Jumio Netverify Trusted Identity as a Service to verify customer driver’s licences quickly and easily.

Leave a Comment

comments

About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.