Jumio’s Business Doubles in Just Ten Months, Exceeding 100 Million Identity Verifications
Jumio’s annual recurring revenue grew by 96 percent in 2017 to make the company the global market leader in biometric-based online identity verification.
PALO ALTO, CALIF. – February 1, 2018 – In Q4 2017, Jumio Corporation surpassed the 100 million online identity verification threshold. This is notable because it took Jumio just ten months to double its identity verification volumes (from 50 million transactions in February). Paralleling this hyper growth, Jumio’s annual recurring revenues (ARR) nearly doubled, increasing 96 percent year-over-year, while sales grew by more than 176 percent over the same period.
“This level of growth validates the importance of AI-powered Trusted Identity as a Service and our unique hybrid approach to online identity verification that combines machine learning, AI, and human review,” said Steve Stuut, CEO of Jumio. “Increased fraud, compliance mandates, and abandonment rates are very real and very immediate threats for online businesses. So, the ability to quickly and accurately assess whether someone is who they say they are has become a first-order problem that impacts revenue.”
Driven by continued momentum for online identity verification, Jumio reported its strongest year in company history, including these notable milestones:
- New Executive Hires: In the second half of 2017, Jumio made two world-class executive hires, including CTO and Chief Scientist, Labhesh Patel and Global Head of Marketing, Dean Nicolls. With 15 years of experience in corporate and entrepreneurial settings, Patel has 134 patents to his credit and is responsible for driving Jumio’s innovation in the identity verification space with deep learning, computer vision, and augmented intelligence. Nicolls has helped a number of cloud-based technology startups become Gartner-recognized industry “leaders” while also driving demand generation, breakthrough branding, PR/analyst relations, product messaging, and sales/channel enablement.
- New Partnerships: Jumio kickstarted its global partner program in 2017 and onboarded a number of key strategic partners, including Branddocs, BlueTurtle and GlobeOne. Jumio’s online identity verification solutions provide its channel partners with revenue opportunities that span a wide variety of use cases from customer onboarding, fraud detection, and step-up verification for high-risk transactions.
- New Global Offices: In 2017, Jumio expanded its global footprint with new offices in London, New York and Rajasthan, India. Jumio is continuing to expand its international presence in 2018 to better serve its enterprise customers who require follow-the-sun, 24×7 service.
- New Identity Verification Features: In July, Jumio announced the addition of eyeball tracking to Netverify’s biometrics capabilities that performs a “liveness” check to ensure that the person behind a government-issued ID is the same person holding the device. Jumio also introduced Document Verification and Chinese character support in 2017. The company rapidly expanded its operations in 2017 to accommodate transaction growth while maintaining the highest accuracy levels in the industry.
- New Awards and Industry Recognition: In September, Frost & Sullivan named Jumio the 2017 North American Entrepreneurial Company of the Year for the Biometric Security Solutions Industry. Jumio was also named the winner of the Best Fraud Prevention Platform (FinTech Breakthrough Award), the Cutting Edge Biometrics Security Solution winner (Cyber Defense Magazine), and an American Business Awards Stevie Winner for Identity & Access Security.
For live demonstrations of the Netverify ID, Identity and Document Verification solutions, visit Jumio at the ICE Totally Gaming 2018 show in London, February 6-8 or at next month’s Money 20/20 Asia show in Singapore.
When identity matters, trust Jumio. Jumio is the creator of Netverify® which enables businesses to increase customer conversions while providing a seamless customer experience and reducing fraud. By combining the three core pillars of ID Verification, Identity Verification and Document Verification, businesses now have a complete solution that allows them to establish the real-world identity of the consumer.
Leveraging advanced technology like biometric facial recognition. machine learning, and human review, Jumio helps customers to meet regulatory compliance including KYC and AML and tie the digital identity to the physical world. Jumio has verified more than 100 million identities issued by over 200 countries from real time web and mobile transactions. Jumio’s solutions are used by leading companies in the financial services, sharing economy, cryptocurrency, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in the US, Europe, and Asia Pacific and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com.
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