Jumio’s massive $150M investment to expand remote biometrics for ID verification, KYC and AML
Jumio has secured $150 million in funding from Great Hill Partners to automate its identity verification solutions, expand the breadth of its biometric Jumio KYX Platform, and continue to grow its AML compliance services suite.
The acquisition of Beam’s AML platform last year allowed Jumio to create its KYX platform by adding combining its document verification and face biometrics with the cloud-centric transaction monitoring provided by Beam.
The company says it is the largest single funding round ever in the digital identity space, and reflects the worldwide importance of remote identity verification to comply with KYC and AML regulations and online conversions. Jumio says it expects that investment to accelerate its global lead in the digital identity space.
Jumio provides ID document and selfie biometric checks to numerous companies in telehealth, financial services, online gaming and social media.
Nick Cayer and Matt Vettel of Great Hill Partners will take positions on Jumio’s Board of Directors, joining representatives of Centana Growth Partners and Millennium Technology Value Partners.
“Jumio’s innovations helped establish the identity verification market, and the need to establish someone’s digital identity remotely has never been greater,” comments Jumio CEO Robert Prigge. “Nick, Matt and 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.”
Great Hill has an established track record of investment in scaling cybersecurity, compliance and financial technology companies, according to the announcement, including AffiniPay, Confirmation, MineralTree, SecureWorks and Versapay.
“Jumio has established itself as the de facto global leader in online identity verification, fraud detection and compliance,” Cayer said in the announcement. “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 robust growth over the last year, its global coverage and the global market opportunity.”
Jumio said last year that its fiscal Q3 was the best quarter ever for sales, and that it performed the most biometric transaction verifications it ever has.