Credentials-management company Jumio pulled in $15 million this week. The funding comes from Millennium Technology Value Partners and Centana Growth Partners, the private equity firm that purchased Jumio for $850,000 in May of this year after Jumio declared bankruptcy two months prior.
The funding brings Jumio’s total raised to almost $52 million. The company expects the funding will “extend its leadership position in the digital ID verification space, aggressively expand its sales and marketing efforts, and accelerate product development and international expansion.” The Palo Alto-based company offers three solutions that speed the online checkout process:
- Fastfill, an ID-scanning app that automatically fills in information on forms
- BAM Checkout, which integrates credit card and driver-license scanning into mobile checkout in order to eliminate friction
- Netverify, which remotely scans documents to verify a consumer’s identity.
Jumio experienced a record-breaking second quarter this year. The company saw 65% growth in recurring YOY revenue, experienced a more than 50% increase in deals YOY, and closed more deals than any other time in its six-year history. Since launching in 2010 Jumio has facilitated 30 million transactions. Additionally, the company’s customer base has continued to expand.
In July of this year, Spanish crypto-currency company Krypto Commerce tapped Jumio for its AML and KYC services. At FinovateEurope 2015, the company won Best of Show for demoing how NetVerify simplifies the account-opening process.
Ross Jardine, Adviser and Investor
Emily Reijnierse, Community Strategist
ID.me’s Blake Hall, CEO and co-founder, and Ryan Fox, VP of product strategy, presented at FinovateSpring 2014