Growth fueled by geographic expansion and broad adoption of AI-powered identity verification solutions
Jumio, the leading AI-powered trusted identity as a service provider, today announced that its 2018 customer count grew 60 percent and sales grew 70 percent year-over-year. This continued company momentum speaks to significant market opportunity and demand for biometric-based identity verification and Jumio’s ability to help enterprise clients reliably and quickly verify that a new visitor is who they claim to be.
“2018 was a tremendous year for Jumio and it’s been fueled by a number of factors including a steady barrage of high-profile data breaches, dwindling confidence in traditional forms of verification including two-factor authentication and knowledge-based authentication, and our expansion into Asia Pacific,” said Stephen Stuut, CEO of Jumio. “There is also a direct connection between a successful 2018 and Jumio’s continued investment in AI, machine learning and augmented intelligence — we were able to improve our own identity verification offerings and make them faster and even more accurate.”
Driven by continued demand for online identity verification, Jumio also celebrated the following 2018 achievements:
- 150 Million Identities Verified: In 2018, Jumio surpassed the 150 million identities verified benchmark, representing 67 percent growth from the 90 million verifications performed over the entire life of Jumio. It took Jumio less than one year to amass 50 million online identity verifications, as the company surpassed the 100-million mark in Q4 2017.
- 3D Liveness Detection: Jumio recently announced the addition of FaceTec’s ZoOm® 3D Face Liveness Detection to its online identity verification suite. This adoption improves the security, speed and user experience for liveness detection of new users, providing an additional layer of assurance and fraud prevention for digital businesses during the account creation process.
- Jumio AI Labs: Montreal-based Jumio AI Labs launched in September 2018, dedicated to the creation, experimentation and at-scale deployment of machine learning and deep learning technologies. This new office in Canada expands upon the innovation driven by Jumio’s Vienna-based AI team by building production models that perform data extraction, fraud detection and risk scoring — three vital functions that improved the speed and accuracy of Jumio’s online identity verification solutions.
- Executive Hires: In Q2, Jumio hired several new executives to further strengthen its leadership team and support its aggressive growth objectives, including: Labhesh Patel, CTO & Chief Scientist, Miles Hutchinson, Chief Information Security Officer; Mike O’Callaghan, Vice President Global Operations; and Amy Treadwell, Global Vice President of People and Culture. Together, these new hires bring decades of leadership experience in high-growth SaaS and technology organizations.
- Asia Pacific Expansion: Jumio hired Frederic Ho as Vice President of Asia Pacific and launched its new Singapore sales office to serve the growing demand for the region’s online digital identity verification services to help banks, financial services and online gambling companies efficiently comply with AML and KYC regulations. Jumio saw its Asia Pacific sales grow significantly, quarter-over-quarter, and signed two of the largest deals in the company’s history as a result of having a dedicated regional focus.
- Industry Recognition: Jumio received more than 20 awards in 2018 including two gold awards for Jumio and customer Monzo at the UK Digital Experience Awards 2018. Jumio was also named as a Representative Vendor in Gartner’s Market Guide for Identity Proofing and Corroboration, in addition to being chosen as one of REGTECH100’s most innovative companies for the second consecutive year.
- Expanding Customer Base: Jumio added a number of new accounts to its customer base from across the globe in 2018 including Volvo, Binance and LINE Corporation.
To learn more about Jumio and its award-winning online identity verification solutions, visit jumio.com.
When identity matters, trust Jumio. Jumio’s mission is to make the internet a safer place by protecting the ecosystems of businesses through cutting-edge online identity verification and authentication services that quickly and accurately connect a person’s online and real-world identities. Jumio’s end-to-end identity verification solutions fight fraud, maintain compliance and onboard good customers faster.
Leveraging advanced technology including augmented intelligence, AI, biometrics, machine learning, certified 3D liveness detection and human review, Jumio helps organizations meet regulatory compliance including KYC, AML and GDPR and definitively establish the digital identity of their customers. Jumio has verified more than 160 million identities issued by over 200 countries and territories from real-time web and mobile transactions. Jumio’s solutions are used by leading companies in the financial services, sharing economy, digital currency, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in North America, Latin America, 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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