Mobile ID scoring startup Juvo raises $40 million
01 August 2017 | 6679 views | 0
Mobile identity scoring startup Juvo has raised a $40 million Series B funding round led by New Enterprise Associates (NEA) and Wing Venture Capital.
Juvo emerged from stealth mode 10 months ago with the goal of establishing financial identities for creditworthy consumers excluded from the formal banking system. The company has so far partnered with seven telcos, including Cable & Wireless and Millicom, applying data science-based credit algorithms to identify previously anonymous prepaid subscribers.
“Today, there are over two billion underbanked people in the world - most of whom have a mobile phone. Juvo reaches these individuals, identifies them as creditworthy and provides access to financial services,” says Steve Polsky, CEO of Juvo. “It has been an exciting ride to date, surrounded by passionate people who believe deeply in Juvo’s mission. This new funding will allow Juvo to expand and deepen our product offerings as well as continue to build the best in class teams in data science, financial services and consumer mobile services.”
Early investors in the company, including the former CEOs of AT&T Wireless, NYSE, Sprint, Telefonica International and Vodafone Group, have each taken part in the latest B round.