Jumio raises $150m in private equity investment
Identity verification firm Jumio has landed $150 million in investment from private equity firm Great Hill Partners.
Jumio says the raise represents “the single largest funding round in the digital identity space” and shows the “global importance” of identity in the industry.
The firm plans to use its new cash for the development of its automated systems and grow its anti-money laundering (AML) portfolio.
“Jumio’s innovations helped establish the identity verification market, and the need to establish someone’s digital identity remotely has never been greater,” says CEO Robert Prigge.
“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.”
The firm’s partners, Nick Cayer and Matt Vettel, join the Jumio board as part of the deal.
“Organisations must digitally transform their onboarding, and AML monitoring processes,” says Cayer. He adds these have become “even more vital” as the volume of online and mobile payments “reaches historic highs”.
Jumio hails the past 12 months as a “historic period” for the firm. It claims to have achieved record revenues, volumes, and “automation breakthroughs”.
In September it launched its new KYX platform, based around the collation of data to create digital profiles for users.
Later that same month it acquired Beam Solutions’ AML system for an undisclosed figure. Beam is integrated into the KYX platform.
Jumio has now raised $205 million across its five-year history, from eight funding rounds. Its investors include Citi Ventures, and Facebook co-founder Eduardo Saverin.