FB pixel

Jumio’s massive $150M investment to expand remote biometrics for ID verification, KYC and AML

Two from Great Hill Partners join Board
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.

Article Topics

 |   |   |   |   |   |   |   |   | 

Latest Biometrics News

 

SITA wraps up acquisition of Materna IPS

SITA reports it has completed all necessary regulatory and legal procedures and finalized its acquisition of Materna IPS, a provider…

 

Payface lands new retail biometric payments deal in Brazil

Brazilian face biometrics payments startup Payface has clinched a deal with supermarket chain Ítalo. Ítalo Supermercados, based in the southern…

 

EU to fund digital programs with €108m, including digital identity

The European Union has issued a new call for funding within the Digital Europe Programme (DIGITAL), allocating over 108 million…

 

Lawmakers try again to kill diversion of TSA screening tech funds

Because of Washington partisan politics, the U.S. Transportation Security Administration (TSA) doesn’t expect to be able to field upgraded and…

 

Florida tosses mDL program into the Gulf

Florida’s mobile driver’s license has been shut down, making the state a rare case in the world of a place…

 

FBI biometric fingerprint lab gets a party on its 100th birthday

The Federal Bureau of Investigation (FBI) is celebrating the centennial of its fingerprint lab. A release from the agency says…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events