Identity verification leader Jumio has secured $150 million in private equity funding from Great Hill Partners, a Boston-based private equity fund.
This latest injection of capital will help the company accelerate its authentication and identity verification capabilities and continue investing in its Jumio Netverify platform. In addition, this will allow the company to expand its operations and further its mission to simplify the customer onboarding process for businesses worldwide.
Identity Verification Leader Jumio Secures $150 Million from Great Hill Partners
Jumio is an innovative identity verification and authentication provider that harnesses the power of biometric and machine learning technologies to enable businesses to reduce fraud and increase customer conversions. The company offers a suite of products that allow businesses to onboard customers quickly, accurately, and securely in compliance with anti-money laundering (AML) and know-your-customer (KYC) regulations.
Founded in 2010, Jumio has established itself as one of the leading identity verification providers and currently counts over 95% of the Fortune 100 amongst its largely enterprise customers. Located in Mountain View, California, Jumio’s experienced team have enjoyed rapid growth this past decade and recently secured $150 million from Great Hill Partners in their Series C funding round.
With offices worldwide, including Europe, Asia Pacific and South America, Jumio is increasing aggressively globally. At the same time, it continues to expand its product portfolio by investing in research & development capabilities and strategic partnerships. These investments are helping Jumio serve more customers across industries such as banking & financial services; travel & hospitality; fintech; retail & ecommerce; sharing economy; gaming & gambling; digital currency exchanges; entertainment streaming services; education marketplaces; charity retailers; real estate agents; payroll processors and mutual funds providers.
Overview of Great Hill Partners
Great Hill Partners is a growth-oriented private equity firm that has established itself as one of the leading growth capital providers in the US tech sector. Founded in 1999, Great Hill Partners focuses on investments in companies across various sectors, including Internet Software-as-a-Service (SaaS), Consumer Internet, Healthcare IT, and Payment & Business Services. With more than $5 billion in capital invested since inception and offices in Boston and Chicago, Great Hill Partners has become a leading provider of growth capital to high potential technology companies.
Great Hill Partners invests both directly and through their GPs’ sidecar funds. The firm generally targets growth companies with mature products or services that have achieved market success but remain undercapitalized or need additional resources to accelerate their momentum or drive expansion into new markets. Investment sizes range from $15 million to $200 million+.
Jumio’s Growth
Identity verification leader Jumio recently announced securing $150 million from Great Hill Partners. This infusion of capital will help Jumio to expand its global reach, invest in new technologies, and develop its cutting-edge identity verification solutions.
It is an important milestone for Jumio, as it marks the beginning of a new chapter in their growth story.
Expansion of Jumio’s identity verification platform
Since its founding in 2010, Jumio has become the leader in online identity verification. The company recently secured $150 million from Great Hill Partners to accelerate the expansion of its platform. In addition, it was able to close its acquisition of certain assets from Netswipe Inc., which will help it provide a powerful customer authentication solution for digital businesses.
Jumio’s platform leverages AI-driven technology and computer vision to help businesses securely verify identities, detect fraud and money laundering, reduce customer onboarding costs and increase acceptance rates for online transactions. In addition, the company employs advanced security techniques such as biometric identification, facial recognition and liveness testing, and advanced mobile authentication capabilities like selfie-based OTP (Transactional One-Time Password) integrated with leading risk tools. This comprehensive approach creates a seamless user experience with fewer manual processes while ensuring robust security.
With the recently announced funding package, Jumio is poised to expand its global reach while securing customer information through enhanced verification processes. As more users engage in digital activities in an increasingly mobile world, companies rely on Jumio’s technology to ensure secure user access without sacrificing convenience or privacy.
Jumio’s success in the identity verification market
Since its founding in 2010, Jumio has become a driving force in the rapidly growing identity verification market. The tech firm uses advanced machine learning algorithms and artificial intelligence to validate identities over the internet. The increasing need for authentication solutions by financial services companies, airlines, hotels, and healthcare providers has fueled its success.
This week, Jumio announced it secured $150 million from Great Hill Partners, a leading growth equity firm focused on high-growth technology and services sectors. This infusion of capital will allow Jumio to accelerate its product innovation, increase its customer base, expand into new markets, and establish itself as an industry leader in identity verification technology.
Jumio’s growth has been remarkable – since 2013 the company’s customer base has grown more than 250 percent with a triple digit revenue jump over 2016-2017 alone. With over 400 employees in seven countries worldwide and partnerships with some of the industry’s largest players – including American Express, JetBlue and Adobe – Jumio is truly setting itself apart as one of the most innovative digital identity companies globally.
Great Hill Partners Investment
Identity verification leader, Jumio, recently secured $150 million from growth equity firm, Great Hill Partners. This investment will help Jumio expand its services, serve bigger clients, and bolster its security measures. The new influx of funding could also help Jumio innovate its technology and further develop its core product offering.
We’ll break down further implications of this investment in the following section.
Overview of the investment
Jumio, a digital identity verification and authentication specialist, has recently announced the completion of an investment led by Great Hill Partners. Four years after its previous venture, a $150 million majority growth equity investment has been made in Jumio. The fresh capital will help finance the ongoing international expansion and development of the company’s B2B products and services.
The latest investment further cements Jumio’s commitment to innovation. In addition, it strengthens their competitive advantage in providing identity solutions that enable businesses to meet KYC (Know Your Customer) requirements quickly, easily, and cost-effectively. Moreover, as part of the Great Hill Partners’ deal, Mark Goldberg from Great Hill Partners and Keith Moore from Investcorp have joined Jumio’s Board of Directors.
Jumio has made significant strides since its founding in 2010; having strengthened its position as an industry leader with a suite of AI-powered identity verification products designed for KYC/AML compliance through strategic investments from Experian Ventures and CVC Capital partners. In addition, it is furthering its reach across ecommerce, travel & hospitality, cryptocurrency exchanges and fintech markets to lead in global identity verification technology.
Benefits of the investment
The investment from Great Hill Partners has a range of strategic benefits for Jumio. The large capital influx will help Jumio to invest in enhancing existing products and new offerings, as well as driving global expansion and helping to grow its direct sales organization. It will also enable the company to look at developing relationships with larger enterprise customers and secure mobile identity trends worldwide.
Great Hill Partners will provide guidance and support to strengthen Jumio’s operations including help increasing outbound sales efforts, improving distribution channels and providing more resources to help execute potential partnerships. This strategic relationship should provide benefits such as increased scalability, a competitive edge, better cost savings, additional reach in new markets, improved cash flow management and other optimisation drives.
Impact of Investment
Identity verification leader, Jumio, recently raised $150 Million from Great Hill Partners. This investment will help accelerate Jumio’s technology’s growth and expand its customer base.
In addition, the increased capital will help enhance the scale, reach and capabilities of Jumio’s ID verification platform, which various organizations, companies and governments worldwide use.
Let’s look at the potential impact of this significant investment.
Expansion of Jumio’s identity verification platform
The recent funding of $150 million from Great Hill Partners enables Jumio to expand their identity verification platform to benefit their business customers and consumers. By leveraging AI-driven technology, Jumio provides instant verification with biometric facial recognition capabilities that give businesses greater confidence in customer onboarding with new KYC processes.
This capital injection will help the company further build its identity platform, grow its partner ecosystem, increase adoption across various industries and work on engineering innovations. With these improvements and expansion plans, Jumio looks forward to substantially accelerating their impressive growth rate.
This announcement also comes shortly after the acquisition of Authomate Inc., where Jumio plans to integrate their biometric authentication capabilities with Authomate’s authentication technology to create an unrivaled brand-based digital identity solution. This will benefit businesses and consumers alike by providing an intuitive digital experience that users are comfortable with, while providing a secure foundation for organizations needing to comply with AML/CFT regulations and other stringent compliance mandates across different jurisdictions.
As this commitment from Great Hill Partners illustrates, Jumio has strong prospects. It is positioned for accelerated growth as more companies move towards digital transformation and compliance demands become increasingly important.
Strengthening of Jumio’s competitive position
Jumio, an identity verification and authentication provider, recently announced that it has entered into a definitive agreement with Great Hill Partners to receive $150 million which will be used to accelerate Jumio’s go-to-market strategy. This latest financing round builds on the company’s previous $23 million Series C funding, completed in May 2016.
The additional investment will enable Jumio to strengthen its competitive position in digital identification, expand its operations globally, and accelerate innovation of products and services to stay ahead of competitive influences in the identity verification space. In addition, the new funds will be used to enhance customer acquisition efforts including marketing and sales initiatives designed to improve Jumio’s reach.
Since launching in 2011, Jumio has built a best-in-class portfolio of biometric authentication solutions for businesses and consumers across all industries; this includes remote proofing for government-issued ID cards like passports or driving licenses as liveness checks which ensures fraudsters can’t access customer accounts via previously stolen identities. With the new capital injection from Great Hill Partners, Jumio plans to scale more quickly than ever before – with faster speed to market capabilities – as well as investments into data intelligence & analytics that will further refine its core biometric products.
Conclusion
In conclusion, Identity Verification leader Jumio has secured $150 million from Great Hill Partners. This is a major milestone for the company and testament to their innovative identity verification technology.
With this investment, Jumio is set to reach even greater heights in their mission to provide secure identity verification services to customers worldwide.
Summary of the investment
Jumio has announced that it has secured a $150 million investment from Great Hill Partners, making the company one of the world’s most highly valued digital identity verification providers.
Jumio’s patented technologies for facial recognition and secure access to cash networks make it an ideal partner for banks, financial services, e-commerce companies, and government agencies looking to streamline digital identity management and detection of fraud. This investment round brings Jumio’s total funds raised to over $300 million and will help further expand its product offerings and apply its technologies to new markets.
The value placed on Jumio by investors highlights not only the trust in its technology but also in the ability of its team to continue innovating and deliver successful outcomes. The new funds will be invested in improving existing products and expanding into new verticals such as gaming, education and travel authentication. It will also support market development activities to promote trustworthiness amongst end-users of digital services.
Future outlook for Jumio
With the new investment, Jumio plans to focus on analytics using machine learning and other intelligent approaches. They will expand their offering of identity verification and authentication technologies moving into 2021, continuing to optimize for mobile channels.
Additionally, Jumio has announced plans to open a Global Innovation Center in Austin, Texas to stay on top of the latest trends in identity technology.
The company also has plans to grow its already considerable presence as an essential component in the fight against fraud and financial crime worldwide. With their new investment from Great Hill Partners, they are well positioned to develop new solutions that meet emerging customer demand, enhance mobile security and simplify customer experience.
As more businesses embrace the digital revolution with trust and ease of use as the foundation for their growth strategies, Jumio is uniquely positioned to help them navigate this shift with intelligent identity solutions built on reliable data and frictionless experiences.
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