Jumio sees record sales in Q3 2017

Categories Biometrics News  |  Trade Notes

Jumio Corporation reported that it saw record sales in Q3 2017, with a 411 percent year-over-year increase as a result of a significant spike in financial services sales and growing demand within the bitcoin market.

This rise in sales in the bitcoin market specifically pertains to the leading cryptocurrency exchanges and issuers of initial coin offerings (ICOs).

As part of this growth, Jumio continues to draw larger, more global customers with its average deal size more than tripling year-over-year.

The company’s experience in the financial services sector is now being parlayed to better serve the leading bitcoin players as they seek to reliably instill trust in an inherently anonymous market.

Jumio is being used for online identity verification by five of the top 10 cryptocurrency exchanges, including Coinbase, Bittrex, and Bitstamp.

The company’s Netverify solution is increasingly being deployed by ICO issuers to increase the trust and transparency associated with their blockchain-related projects and to meet continually changing AML and KYC compliance requirements.

“Jumio has long been the global standard for establishing trusted identity in the financial services industry. We’re now extending that leadership and experience to the bitcoin space,” said Jumio president and CEO Steve Stuut. “Jumio is well-positioned to serve these markets with its trusted identity as a service solutions that not only cement trust with their investors, while providing an additional layer of transparency to regulators.”

Jumio highlighted several strategic achievements for Q3 2017, starting with being named by Frost & Sullivan as the 2017 North American Entrepreneurial Company of the Year for the Biometric Security Solutions Industry.

Frost & Sullivan recognized Jumio’s trusted identity as a service platform, Netverify, for its “multi-authentication process and ability to function seamlessly in a digital environment.”

Jumio sales in financial services increased almost 500 percent year-over-year, with the growth driven by digital banks such as Monzo.

The company recently added eyeball tracking to Netverify’s biometrics capabilities. When verifying an identity, in addition to conducting a “liveness” check to ensure a real person is holding the device, Jumio requires users to follow an icon on the mobile device screen with their eyes as it moves in a random pattern.

In addition, Jumio introduced Chinese character support and recorded its largest sales for that region in the company’s history.

This growth in Asia Pacific is being driven by the need to identity proof customers of online gaming/gambling and blockchain-related companies.

Jumio will be conducting live demonstrations of the Netverify ID, Identity and Document Verification solutions at its booth during Money 20/20 in Las Vegas, from October 22-25.

Earlier this week, Jumio launched its upgraded trusted identity as a service platform to combat growing online threats, increased sophistication by fraudsters and high-profile cryptocurrency hacks.

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