Jumio is a leading identity verification and digital creadential platform. It uses cutting-edge AI to quickly and accurately determine a person’s identity in a secure online environment. Recently, Jumio closed a Series C funding round of $150M, demonstrating their firm commitment to help their customers verify more than 300 million identities.
In this article, we’ll explore how Jumio’s all-in-one authentication platform is used by leading companies across various industries.
Jumio raises $150M as its all-in-one ID authentication platform crosses 300M verified identities
Jumio’s platform is a modern, secure, intuitive service that leading companies and brands in various industries use. It enables businesses to effectively address their digital customer identity needs with innovative, patented technologies like biometric facial recognition and technology-assisted document verification, making it easy for customers to get verified online.
At the heart of Jumio’s service is its industry-leading authentication technology that can dramatically reduce fraudulent activity, identity theft and associated financial losses while improving user experience. The mobile-friendly system supports ecommerce merchants in securely onboarding new customers quickly and easily. Customers can provide accurate personal information faster than ever through this secure process. This method significantly improves customer loyalty by shortening the buying cycle as there is no need for lengthy registration forms or lengthy phone calls with call centers.
Additionally, Jumio features powerful analytics capabilities to automatically detect suspicious behavior from data gathered from customer documents such as name mismatch checks, partial address verifications, and image pattern recognition technology for identifying suspicious activities such as document manipulation or photo manipulation spoofing attempts. With built-in institution checks to verify vital customer information such as social security numbers or bank account information, businesses can significantly reduce the cost associated with fraud prevention activities while gaining more insight into their customers’ identities more reliably.
Benefits of Jumio’s Platform
Jumio has recently raised $150M as its all-in-one ID authentication platform crosses 300M verified identities. This is a testament to the success of the company’s platform, and its potential for future growth.
This platform provides various features and benefits that can help businesses streamline their processes and make their services more secure. In this article, we will explore what these features are and how companies can benefit from using Jumio’s platform.
Increased security
Jumio’s platform helps companies provide the highest level of security to protect their customers. It utilizes advanced identity verification technology and lets clients quickly check customers using digital ID scans and facial recognition biometrics. This ensures clients remain compliant with industry regulations and can provide only verified documents for scenarios requiring enhanced identification security.
Jumio also offers a wide range of services including account takeover protection, fraud monitoring, access control, identity proofing solutions and more, all designed to boost customer trust and help companies reduce fraud rates, authentication costs and manual analysis time. Jumio’s fully customizable solutions easily integrate existing systems to eliminate complex manual processes and streamline end-to-end customer journeys.
With Jumio’s comprehensive solutions, organizations can easily comply with global anti-money laundering (AML) regulations and other national laws such as Know Your Customer (KYC). In addition, clients have access to powerful data analytics tools which allow them to gain real time insights into user behaviour. This visibility helps identify suspicious activities and detect possible cases of fraud quickly.
Improved customer experience
Jumio’s platform allows companies to improve customer experience by providing secure and reliable identity verification and authentication. This can be done quickly and with minimal effort, ensuring customers have a smooth user experience when interacting with the company or service.
The platform follows global identity verification regulations, making it compliant with all relevant laws and industry-specific regulations for organizations operating in highly regulated industries. Jumio streamlines companies’ initiatives for Know Your Customer (KYC) compliance and anti-money laundering (AML) measures.
As a result, customers are given quick results concerning the validity of their identity, without the worry of any exposure to fraud or the possibility of having their data leaked or compromised. Furthermore, using this system decreases manual intervention while allowing secure access to private information via various methods such has biometrics like facial recognition or document detection on mobile devices.
By utilizing Jumio’s platform businesses can ensure an improved customer experience without compromising security.
Streamlined compliance
Jumio’s online platform is used by leading companies in various industries to efficiently and effectively streamline their compliance process. This platform helps ensure that companies adhere to strict regulations while also providing a safe, secure way for customers to perform their transactions.
Using Jumio’s platform, companies can easily collect, store and manage identity information such as names, addresses and ID numbers. This data can then be used to verify customers’ identity, personal information, or banking details. Jumio also allows companies to securely capture customer signatures for an additional layer of security and trustworthiness.
In addition to collecting critical personal information from customers, Jumio’s platform helps organizations remain compliant with applicable laws and regulations. Jumio’s AI-driven system analyzes customer data in real-time against sanctions lists maintained by governments around the globe. This helps businesses identify suspicious activity before it occurs so they can quickly intervene if necessary.
Jumio’s compliance solutions make it easy for organizations to meet terms of service obligations while controlling the cost of compliance overhead at each step in the process. By leveraging Jumio’s robust technology, businesses can rapidly construct accurate compliance documents that align with regulatory requirements while helping protect against fraud. In addition, by implementing this streamlined compliance process into organizations’ systems, they can quickly and reliably identify customers while ensuring their transactions are secure and trustworthy.
Jumio’s Growth
Jumio, the world’s leading all-in-one identity authentication platform, has recently announced a $150M raise, reflecting its growing success as it surpasses 300M verified identities around the globe.
This news comes after new partnerships and integrations with leading companies in various industries, including banking, e-commerce, FinTech, and gaming.
Let’s examine how Jumio is transforming the identity verification industry.
Recent funding round
In January 2020, Jumio announced the completion of its Series C funding round, raising $100 million in capital. This round of funding was led by ICONIQ Growth and included investments from Tyson Ventures, Telstra Ventures and proposed Future Fund investments. This latest investment brings the total funding raised to over $175 million.
The new funding will be used to accelerate growth, drive product innovation and continue to expand into new verticals. With this capital injection, Jumio is focused on taking a bigger role in identity verification services for the global economy. The funding will also help support Jumio’s expansion plans that include an increased focus on strategic partnerships with leading companies across various industries, such as financial services, travel and hospitality, telcos, travel and retail.
Jumio’s innovative identity verification technology helps companies securely onboard customers and streamline payment and fraud prevention processes digitally — allowing these businesses to quickly expand into new markets without needing further upgrades to their existing infrastructure. This scalability allows for easier expansion into the global markets while ensuring high-quality customer service worldwide. The company’s robust platform is used by leading companies in various industries such as RE/MAX, Lufthansa Group Airlines, Expedia Group and Southwest Airlines.
Milestones achieved
Since its founding in 2010, Jumio has grown to become the top provider of end-to-end identity authentication and eKYC solutions for businesses around the world. The company’s flagship product, Netswipe, is a unique integrated facial recognition and liveness detection technology that offers customers a variety of options to securely validate their identity during web or mobile transactions. From tightening security to streamlining the transaction process, Jetswipe has helped thousands of businesses improve their customer experience worldwide.
Jumio has achieved numerous milestones since its start in 2010, including:
- Expansion into more than 200 countries around the globe
- Serving some of the world’s largest companies such as Airbnb and American Express
- Securing more than seven million customer authentications every month
- Deployment of AI/Machine Learning capabilities
- Receiving multiple awards for excellence in customer service
- Gaining millions of users from around the world
These accomplishments have firmly established Jumio’s mission to provide its customers with best-in class services for their identity and ekyc needs. With ever changing security requirements and international regulations related to identity authentication, Jumio continues to bring innovative solutions across industries for businesses looking for secure and fast ways to validate customer identity.
Jumio’s Impact on Various Industries
Jumio has significantly impacted various industries with its all-in-one ID authentication platform. Its platform has enabled companies to securely verify the identity of their customers and protect against fraud. As a result of its success, Jumio has recently raised $150 million, crossing 300 million verified identities.
In this article, we will examine the impact that Jumio has had on different industries.
Banking and finance
Today, financial services companies face tremendous pressure to avoid fraud and comply with anti-money laundering regulations. They need real-time, end-to-end customer lifecycle screening, identity proofing, and KYC risk assessment.
Jumio’s AI Powered Identity Verification platform helps banks and financial institutions ensure their customers are who they say they are — quickly and securely. With Jumio, companies can access the data and tools for fraud prevention and KYC/AML compliance. As a result, banks can confidently onboard more customers in less time with higher levels of security.
Jumio’s solution helps institutions accurately verify the identity of their customers using government-issued ID documents such as passports or driver’s licenses from over 200 countries around the globe. Its proprietary artificial intelligence technology reads data from documents accurately. Then, it presents it in an easy to understand format that allows businesses to analyze customer information for further validation or manual confirmation in seconds – not days.
In addition to its risk management solutions, Jumio assists finance providers in developing trustful relationships with their customers through improved customer experience while maintaining industry standards compliance. Companies get peace of mind knowing they can confidently onboard customers while being compliant with various laws and standards including GDPR, CCPA and it meets EU GDPR requirements: PSD2 (European Payment Service Directive).
Retail
The Retail industry continuously faces rapidly changing demands, especially concerning fraud and identity verification. With an increasing number of shoppers turning to online channels for their shopping needs, it has become essential for retailers to focus on digital identity verification that is secure and compliant.
To overcome these challenges, retail companies are turning to trusted service providers like Jumio that offer a platform which ensures effective identity proofing with enhanced customer compliance and security standards.
Jumio’s AI-powered identity verification platform uses facial biometrics, photo ID document authentication and customized workflows to provide a streamlined user experience with superior accuracy. This makes it easier for businesses to collect the data they need from the applicant within minutes rather than waiting days or weeks for manual authentication processes. This allows customers to complete their purchases faster while ensuring that retailers meet all the safety measures around identity verification.
Through its global presence, Jumio enables retail companies to identify customers in over 180 countries worldwide. In addition, automated fraud analyses can prevent potential fraudulent activity such as ongoing money laundering attempts or other attempts to abuse discounts or coupons with fraudulent credentials. To ensure compliance demands of customers are met during onboarding processes – such as KYC/AML regulations – retailers can use Jumio’s suite of services including certified facial recognition (police-grade), document recognition & OCR technologies which minimize manual effort and cost while ensuring maximum protection from fraud and identity theft.
Gaming
Leading companies in the gaming industry use Jumio’s platform for age and identity verification solutions. Jumio’s solutions are designed to enable online and mobile gaming companies to ensure that only verified players can access the game, and that their winnings are paid out appropriately.
The underlying technology reduces fraud, boosts player confidence and improves the user experience by streamlining age verification processes and KYC (Know Your Customer) requirements. This is especially important for online casinos and lotteries, which must comply with strict anti-money laundering (AML) regulations imposed by government regulatory authorities.
Jumio’s identity solutions also work in real-time to verify customers’ valid ID before playing a game. This allows gaming companies to restrict access to those who do not meet compliance laws while limiting fraudulent activity. The addition of facial recognition technologies such as Jumio Go enables gamifying businesses to further discourage cheat codes or attempts at fraud by attaching a risk score based on biometric parameters associated with an individual’s identity.
Healthcare
Jumio’s AI-powered identity verification and authentication solutions are being used by some leading healthcare organizations. Healthcare companies face increasing challenges in securely verifying legitimate identities and preventing fraud. The consequences of failing to do so can be very severe, including medical identity theft, stolen credit cards, stolen social security numbers, fraudulently obtained prescription medicines and insurance benefits, and other forms of fraud. Jumio helps healthcare organizations protect themselves from these risks with its highly secure solutions for quickly and accurately authenticating people’s identities online.
Jumio’s biometric Facial Authentication is ideal for healthcare companies that need a quick and easy way to authenticate patients remotely while protecting patient privacy. With Facial Authentication, healthcare organizations can match a live selfie or photo ID against facial features on record in less than 2 seconds—without revealing any personally identifiable information (PII). Jumio also supports payment processing for digital health records (EHRs) through its robust payment platform that works with major card brands like Visa and Mastercard.
With Jumio’s AI-powered KYC Scanning & Verification Solutions, healthcare companies can check patients’ valid identification documents (ID/passports), validate identities by comparing live selfies with their IDs and verify contact information in just seconds—all from a verified source and without requiring any manual intervention or document exchange. By using Jumio’s comprehensive suite of identity verification tools, these healthcare organizations can ensure their operations remain compliant with regulations while improving the customer experience by providing fast authentication solutions with minimal friction points.
Conclusion
In conclusion, Jumio’s versatile platform is used by various companies in multiple industries for their identity verification needs. Jumio has successfully created solutions that meet the unique challenges of different industries, helping them mitigate the risk associated with online transactions. Jumio has built strong relationships with customers by providing a secure solution that is both reliable and efficient.
Furthermore, they are continuously updating their biometric technology to stay ahead of fraudsters and provide customers with the latest tools to combat deceptive behaviors. By partnering with Jumio, these companies can be sure that they are offering a secure and compliant solution to their customers regarding identity verification.
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