Jumio Reports Record Q2 Performance as a Result of Strong Continued Momentum
ID Verification Software Company Continues to Dominate in Key Verticals, With More Than 30 Million Secure Transactions Completed
PALO ALTO, CA and LONDON, UNITED KINGDOM--(Marketwired - Jul 27, 2016) - Jumio , the leading digital ID verification company, today announced record results for Q2 2016, with a greater than 65 percent growth in recurring revenue year-over-year, and a record 30 million transactions completed to-date. Jumio's customer base continues to expand, closing more deals than at any other time in company history, with Q2 2016 resulting in a more than 50 percent increase in deals year-over-year. This high momentum has been fueled by continued growth across every aspect of its business.
These results are not only indicative of the company's continued innovation; they also demonstrate the widespread demand across core verticals for a trusted ID verification solution. With more than $16 billion stolen from 12.7 million identity fraud victims in 20141 , it's clear that identity fraud is an increasing threat across every industry. From financial services to travel, online gaming and the shared economy, Jumio has helped to prevent fraud by ensuring transactions are safe and secure; while also reducing abandonment through improved customer experiences.
"The investment by Centana Growth Partners allows us to continue to capitalize on this expansive phase of Jumio's business," said Steve Stuut, CEO, Jumio. "New and changing markets, such as shared economy and innovative online banking, are forcing dramatic business transformation, and Jumio is providing the trust required to do business on-line. Our customers are leaders in their respective markets, and as trailblazers, they entrust Jumio to help them define and meet the standards and processes that achieve regulatory compliance, while providing frictionless transactions and an improved customer experience."
"The ID verification space is seeing rapid growth and Jumio continues to lead the market as it addresses the issues and challenges facing many businesses today," said Ben Cukier, Partner, Centana Growth Partners. "With the continued growth of web and mobile transactions, companies must ensure that online customers are who they say they are. As fraud continues to expand, the ability for customers to conduct safe and secure transactions will remain a key issue."
Jumio's flagship product Netverify provides online and mobile ID verification. The advanced computer vision technology along with ID verification experts enable customers to perform high-risk transactions quickly and easily -- providing a better user experience.
In alignment with Jumio's record growth the company will extend its expansion efforts and continue to aggressively hire across its offices in Austria, the UK and U.S. In Q2 2016, Jumio's hiring increased substantially. The company will continue to expand the global team, throughout the year, with significant investments in product development and customer services to meet growing demand.
Read about Jumio's record 30 million identities verified.
1 "2015 Identity Fraud: Protecting Vulnerable Populations ," Javelin Strategy & Research
Jumio delivers the next-generation in digital ID verification, enabling businesses to reduce fraud and increase revenue while providing a fast, seamless customer experience. Jumio uses computer vision technology to verify credentials issued by over 200 countries in real time web and mobile transactions. Jumio's solutions are used by leading companies in the financial services, sharing economy, retail, travel and online gaming sectors. Funded by Centana Growth Partners and based in Palo Alto, California, Jumio operates globally, with offices in the US and Europe, and has been the recipient of numerous awards for innovation.
For more information please visit www.jumio.com .
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