Jumio, the leading provider of AI-powered end-to-end identity verification and eKYC solutions, today announced it secured a $150 million investment from Great Hill Partners, a private equity firm that invests in high-growth, disruptive companies.
This infusion represents the single largest funding round in the digital identity space and speaks to the global importance of establishing a user’s identity remotely to defend against fraud and financial crime, comply with KYC and AML regulations and boost online conversions.
The investment will accelerate Jumio’s significant global lead in the digital identity space by devoting additional resources to automate its identity verification solutions, expand the breadth of the Jumio KYX Platform and grow its suite of AML compliance services. Jumio brings its pioneering document-centric identity approach to leading blue-chip companies across the telehealth, financial services, online gaming and social media spaces.
With this investment, Great Hill Partners’ Nick Cayer and Matt Vettel will join Centana Growth Partners and Millennium Technology Value Partners on Jumio’s Board of Directors.
“Jumio’s innovations helped establish the identity verification market, and the need to establish someone’s digital identity remotely has never been greater,” said 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 deep growth investing experience across the cybersecurity, compliance and financial technology sectors, having scaled and added value to a range of tech-enabled companies 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. “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.”
The funding follows a landmark year for Jumio. In 2020, the company achieved record revenues, volumes and automation breakthroughs. In September, Jumio launched the KYX Platform, which combines data from a variety of sources to build a complete digital profile of online users. Later that month, Jumio acquired the AML platform from Beam Solutions, a San Francisco-based startup focused on transaction monitoring, case management and KYC. The company was also recently named a representative vendor in Gartner’s Market Guide to Identity Proofing and Affirmation and also named to CRN’s 2021 list of the 20 Coolest Identity Access Management and Data Protection Companies.
Evercore served as financial advisor and Winston & Strawn LLP served as legal counsel to Jumio. Moelis & Company LLC served as financial advisor and Goodwin Proctor LLP served as legal counsel to Great Hill Partners.