Jumio, a digital ID verification company, today announced it has secured $15 million in financing from Centana Growth Partners LP and Millennium Technology Value Partners.
The financing adds Millennium to Jumio’s investors and board. The investment will enable Jumio to extend its leadership position in the digital ID verification space, aggressively expand its sales and marketing efforts, and accelerate product development and international expansion.
The financing confirms Jumio’s strong growth in the market, having recognized record results for Q2 2016, with a greater than 65 percent growth in recurring revenue year-over-year, and a record 30 million transactions completed to-date. Jumio’s customer base has also continued to expand, with the company closing more deals than at any other time in its history and a Q2 2016 that resulted in a more than 50 percent increase in deals year-over-year. This high momentum has been fueled by continued growth across every aspect of its business.
“The need for aggressive and ever advancing ID verification solutions is clear. Jumio is disrupting the market—redefining how companies address mobile and on-line business,” said new Jumio board member, Max Chee, Managing Partner, Millennium Technology Value Partners. “We believe the company will continue to see impressive growth fueled by the market’s demand for secure business transactions that address a growing mobile world, and increasing regulatory requirements. Jumio is well positioned to continue to set the bar for business solutions that meet and exceed these requirements.”
Jumio’s digital ID verification solutions, including flagship product Netverify, are broadly used by leading financial services, travel, gaming and emerging shared economy companies. These markets require strict adherence to industry regulations including know-your-customer (KYC) and anti-money laundering (AML) regulations, but also require an excellent customer experience that is fast, safe and secure.
“As an industry we’re just scratching the surface on what ID verification will become. Companies are looking for higher levels of guidance on new and emerging processes to manage their on-line and mobile business including ID verification and ID proofing that combine one or two government issued IDs, with live photo and facial recognition, along with inferred data,” said Steve Stuut, CEO, Jumio. “With our large customer base, the added support of Millennium Value Technology Partners fully funds our business and enables us to execute our vision even more rapidly and broadly – and provide the business solutions necessary to help combat the growing threat of fraud.”
In alignment with Jumio’s record growth and additional financing the company will extend its expansion efforts and continue to aggressively hire across its offices in Austria, the UK and U.S. The company will continue to expand the global team, throughout the year, with significant investments in product development and customer services to meet growing demand.