Jumio Doubles Sales in Q2 2017 by Helping Banks and Financial Institutions Reliably Know Their Customers
Digital ID Verification Leader Opens Wall Street Presence to Better Serve U.S. Financial Services Customers
PALO ALTO, CA--(Marketwired - Sep 6, 2017) - Jumio Corporation today announced that Q2 sales were up 87 percent year-over-year due to sales within the financial services sector, with large sales to major US banks, cryptocurrency exchanges, and payment platforms. At the close of the quarter, Jumio was helping enterprise and financial services organizations convert more than 100 percent more customers on a daily basis than at the close of 2016.
Jumio created Netverify® Trusted Identity as a Service (TIaaS) to help enterprises deal with the estimated $16 billion cost of identity fraud in 2016. According to a study conducted by Javelin Strategy & Research this is a 16 percent increase over 2015. By successfully verifying the identity of nearly 200,000 consumers per day, Jumio ensures more businesses can KYC (know your customer), generating even more revenue.
"Our emergence as the dominant global leader in identity verification in less than 12 months of our acquisition by Centana Growth Partners demonstrates the completely new energy level and commitment to success by our new owners, our new executive team, and our exceptional employees," said Jumio President and Chief Executive Officer Steve Stuut. "We listened to our customers' identity verification problems and delivered a solution that is accurate, consistent, and affordable. Our performance this past year underscores just how important our solutions have become in helping our financial services, gaming, sharing economy, and compliance-driven customers manage digital transformation within their businesses."
In addition to traditional financial services institutions, Jumio continued its leadership within the digital challenger bank space, including deployment with Monzo , a digital, mobile-focused bank based in the United Kingdom. To better support its many US financial services customers, Jumio further announced the opening of its Wall Street office, located within a block of the New York Stock Exchange.
Jumio's Netverify Trusted Identity as a Service combines technology, automation, machine learning and identity experts to provide the highest level of accuracy and fraud detection without falsely rejecting potential customers that are so critical for expanding businesses. With Netverify, businesses have a complete identity verification solution that can be tailored to fit their specific requirements on a global basis.
Jumio, the creator of Netverify® Trusted Identity as a Service (TIaaS), 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 and machine learning, 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 60 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, higher education, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in the U.S. and Europe, and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com
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