Juvo, a company which provides identity scoring from mobile phone usage data to bring financial services to the unbanked, has launched globally with a $14 million funding round.
Created in 2014, Juvo now claims a market footprint of 23 countries across four continents with a reach of over 100 million subscribers.
The firm's proprietary algorithms and data science technology analyse both subscriber and usage data, continuously and in real time, to generate financial ID scores which unlock access to credit and basic financial services.
It says that mobile operators using the technology have seen a 10-15 percent increase in Arpu (Average Revenue Per User) while reducing churn and enabling financial service offerings.
Steve Polsky, CEO and founder of Juvo, states: "Juvo helps turn a previously ‘invisible’ customer into a ‘visible’ one - opening doors for the customer, the mobile operator and financial service providers alike, and bringing us closer to our vision of financial inclusion for all.”
In tandem with the global launch, the company has secured a $14M funding round from investors, including former CEOs of AT&T Wireless, Nyse, Sprint, Telefonica International and Vodafone Group alongside venture capital funds from Wing Venture Capital, Freestyle and Seed-Resolute.
Duncan Niederauer, former Nyse CEO, says: "The company is well positioned to not only accelerate the digital transformation of mobile operators, but also to address the wider socio-economic issues around financial inclusion for all.”