Jumio, provider of AI-powered end-to-end identity verification and eKYC solutions, has secured a $150-million investment from private equity firm Great Hill Partners.
This infusion represents the single-largest funding round in the digital identity space and speaks to the global importance of establishing a user’s identity remotely to defend against fraud and financial crime, comply with Know Your Customer and Anti-Money Laundering regulations and boost online conversions.
Jumio said the investment will bolster its “significant global lead” in the digital identity space by devoting additional resources to automate its identity verification solutions, expand the breadth of the Jumio KYX Platform and grow its suite of AML compliance services.
With this investment, Great Hill Partners’ Nick Cayer and Matt Vettel will join Centana Growth Partners and Millennium Technology Value Partners on Jumio’s Board of Directors.
“Jumio’s innovations helped establish the identity verification market, and the need to establish someone’s digital identity remotely has never been greater,” said Jumio CEO Robert Prigge.
“Nick, Matt and the Great Hill team bring tremendous expertise and a strong track record of innovation and strategic leadership, so we are excited to partner with them as we continue to scale,” said Prigge.
Great Hill has deep growth investing experience across the cybersecurity, compliance and financial technology sectors, having scaled and added value to a range of tech-enabled companies including AffiniPay, Confirmation, MineralTree, SecureWorks and Versapay.
“Jumio has established itself as the de facto global leader in online identity verification, fraud detection and compliance,” Cayer said. “Organisations must digitally transform their onboarding, KYC and AML monitoring processes, which have become even more vital as the volume of online and mobile payments reaches historic highs.”
The funding follows a landmark year for Jumio. In 2020, the company achieved record revenues, volumes and automation breakthroughs.
Last September, Jumio launched the KYX Platform, which combines data from a variety of sources to build a complete digital profile of online users. Later that month, Jumio acquired the AML platform from Beam Solutions, a San Francisco-based startup focused on transaction monitoring, case management and KYC.
