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Meed Leverages ID Verification Solutions from Jumio to Serve the Underbanked

Identity verification innovator Jumio is teaming up with Santa Monica, California-based fintech Meed. The Finovate Best of Show winner will provide the Meed with ID verification, identity verification, and document verification services to accompany Meed’s suite of financial services.

“Our innovative business model puts a premium on global coverage, KYC/AML compliance and a seamless customer experience,” Meed Chief Operating and Technology Officer Stephen Landry said. “We looked at many providers, but found the Jumio solution to be superior based (on) the quality of their global footprint and the sophistication and accuracy of their biometric-based identity verification.”

Jumio leverages biometric facial recognition, machine learning, and human review to provide ID verification, KYC and AML services to companies in the financial services, higher education, retail, and sharing economy industries. To date, the company has verified almost 100 million identities issued by more than 200 countries from real time online and mobile transactions.

A wholly-owned subsidiary of GlobeOne, Meed is a socially-responsible financial health firm that partners with banks and other FIs to deliver financial services to the underbanked. The company will deploy Jumio’s Netverify solutions to verify the authenticity of government-issued ID, as well as the digital identities of new users. Successfully authenticated users are then routed swiftly and directly to regional member banks. The company is active in Vietnam and plans to expand to the United States and Latin America in 2018. Les Riedl is CEO.

Founded in 2010 and headquartered in Palo Alto, California, Jumio demonstrated its Netverify Document Verification solution at FinovateSpring 2017. The technology enables users to scan a wide variety of documents even when those documents are folded, crumbled, or wrinkled. Jumio teamed up with Plynk in August, providing identity verification for the European money messaging app and partnered with Branddocs TrustCloud, bringing its technology to Spain and Latin America. Named to the European Fintech 100 this fall, Jumio unveiled eyeball tracking as a new aspect of Netverify’s “liveness” check in July and announced a collaboration with Monzo in June. Jumio was acquired by Centana Growth Partners in May 2016 for $850,000.