Jumio raises $25.5m

Jumio raises $25.5m

Jumio, a US start-up that has developed a system to turn Web cams and smartphone cameras into credit card readers, has raised $25.5 million.

The funding - revealed after TechCrunch digged out an SEC filing - follows a series a round led by Facebook co-founder Eduardo Saverin in March which raised $6.5 million.

The company's Netswipe technology uses video streaming to let customers make online purchases at sites using it by capturing their credit card with a Web cam or smartphone camera and then keying in their CVV code.

Comments: (4)

A Finextra member
A Finextra member 12 January, 2012, 15:30Be the first to give this comment the thumbs up 0 likes

Wot?  No 3D-secure?

A Finextra member
A Finextra member 13 January, 2012, 09:521 like 1 like

This seems like a real waste of investment money. What does it achieve other than save me keying in details? Easy to photo and print a card, write down the CVC

But I guess with a low price and marketing hyoe people will get fooled into a false sense of security.

Amir Wain
Amir Wain - i2c - redwood city 14 January, 2012, 08:26Be the first to give this comment the thumbs up 0 likes

It is far quicker and easier to enter the 16 digits rather than taking a picture. Keep in mind the card will need to be at a certain angle and fully in frame for it to work.

Why would someone invest $25.5 million to complicate a simple 16 digit card number and expiration date entry process? Certianly does not enhance security as the image is not going to be able to pickup the difference between a real plastic or an inkjet printed image of a card.

Please can someone help me understand the value add here.

A Finextra member
A Finextra member 14 January, 2012, 08:39Be the first to give this comment the thumbs up 0 likes

Personally I think this is part of an investment bubble. Very similar to Square, well known 'entrepreneurs' putting in seed capital followed by profit seeking lemmings.

Anything to do with 'revolutionising payments' seems to be a hot investment, but under the hood there is no substance.

Although this looks a funky idea it provides no benefit to the user what so ever, and absolutely no security.

It is also so easy for any bedroom programmer to replicate.

Dotcom revisited?