Jumio offers a platform of digital identity products—biometric verification, document checks and related KYC/AML tooling—primarily to enterprise B2B customers. Its platform approach supports about 3,500 document types and has powered more than 300 million verifications. The company serves roughly 1,000 customers, including HSBC, United Airlines and Singtel, and operates in 200 countries. Jumio acquired Beam Solutions last year to expand its AML capabilities and says it will further invest in AI for AML work. Management also plans to explore a B2C product using its existing data, tools and customer network while doubling down on customer growth. The company reported about $100 million in revenue last year. Jumio provides Netverify, a digital ID verification solution used by financial services, travel, gaming and emerging shared-economy companies to meet KYC and AML requirements. The company uses computer vision to verify credentials issued by over 200 countries in real-time web and mobile transactions. Led by CEO Steve Stuut, Jumio is based in Palo Alto, CA and maintains offices in Austria, the UK and the U.S. Jumio secured $15M in financing from Centana Growth Partners LP and Millennium Technology Value Partners. The company said it will use the funds to expand sales and marketing, accelerate product development and international expansion, and hire across its offices. The financing is intended to support growth and product acceleration as Jumio scales internationally. Jumio builds technology to scan and read payment cards and IDs for online and mobile credential authentication, aiming to reduce friction and fraud during checkout. Its product set has included services such as BAM Checkout and the company lists customers including United Airlines, Airbnb, EasyJet, Gyft, Mr. Green and betfair. The U.S. business has entered voluntary Chapter 11 proceedings to enable a court‑supervised sale of assets to an early backer. Eduardo Saverin has formed an entity called Jumio Acquisition and is serving as a stalking‑horse bidder while providing $3.7 million in debtor‑in‑possession financing at 4% per annum to support ongoing operations. The asset purchase agreement is subject to higher offers in a court auction, and the company’s non‑U.S. subsidiaries were excluded from the initial court filings but will be part of the business sale. Jumio said it reached this point after failing to secure additional funding due to “certain legacy issues combined with related government investigations and proceedings.” Prior investors include Andreessen Horowitz and the company had raised nearly $37 million in outside funding prior to the filing. Jumio retained Landis Rath & Cobb LLP (legal), Sagent Advisors LLC (financial) and Ernst & Young Capital Advisors LLC (restructuring) to manage the process. Jumio builds computer‑vision payment and identity products (Netswipe and Netverify) that let consumers use webcams or phone cameras to stream short video of credit cards or IDs for secure, real‑time processing. Its patent‑pending technology reads card and ID details via secure videostreaming—no snapshot is taken and no data is stored on the consumer's device—streaming data to Jumio's servers for verification. The company monetizes by taking a percentage of each transaction (typically 0.8–3.5%) with no per‑transaction fee, and it distributes via partnerships with large retailers, payment service providers and processors. Jumio launched with a European focus in gaming, retail and travel and reports traction there. Management says the business is on track for a $100 million revenue run rate in 2012. The company plans to use new capital to hire and expand merchant and network partnerships across the U.S. and Asia in retail, travel, gaming and digital goods. Jumio is preparing to launch an online and mobile payments solution, with release slated in six to eight weeks. The company has assembled a high-profile board that includes veterans from Google, Amazon and NASA. Co-founder Daniel Mattes, who previously sold Jajah to Telefonica for $207 million, is leading the startup. Jumio pursued an unconventional financing route by using a SPAC and placing participation privately with ultra-high-net-worth individuals. The SPAC placement was reportedly over-subscribed. Eduardo Saverin led the latest financing, will join Jumio’s board, and plans to be actively involved in the company’s Asian roll-out.

Total raised

$201M

Funding rounds

5

Latest round

Equity

Latest activity

Mar 2021