Jumio expands market leadership position and grows sales 45% as regulators around the world become more comfortable with eKYC and digital onboarding of an increasingly mobile-centric consumer base.
Jumio, the leading AI-powered trusted identity as a service provider, today announced the largest sales quarter in the company’s history, ending June 30, 2019, by growing 45% in sales over the same quarter last year. This growth was spurred by broader global adoption of eKYC and AML regulations which is enabling more financial institutions to onboard new customers remotely without requiring them to visit a local branch office.
The popularity of KYC and AML compliance solutions is surging as regulatory pressure across the globe drives financial service organizations to digitally onboard new customers with online identity verification solutions. At the same time, banks are exploring how to deliver a compelling onboarding experience that is simple, intuitive, and can be efficiently integrated into their existing workflows to optimize conversion rates and reduce abandonment.
“This Q2 growth demonstrates how our focus on verification accuracy, speed and innovation is helping us meet the needs of modern enterprises who now, more than ever, need a reliable means of proving that someone is who they claim to be online,” said Robert Prigge, Jumio president. “An ever-growing number of consumers are opening new accounts on mobile devices, which is accelerating eKYC initiatives and making Jumio’s identity verification solutions an indispensable ingredient to the onboarding process.”
The second quarter of 2019 was also notable for the following achievements:
- Bank ABC: Jumio partnered with Bahrain-based Bank ABC to streamline its digital onboarding process and help it become the first bank in the Middle East to employ biometric-based digital KYC functionality. This enables Bank ABC to reach new markets and demographics by eliminating the need for customers to visit branch offices when creating new banking accounts.
- BTG Pactual: Jumio partnered with BTG Pactual to help the Brazilian investment bank properly vet the digital identity of its new clients for KYC and automate its onboarding process. With BTG Pactual digital, clients can open a new account online and manage their investments through the digital platform with the support of a dedicated team of relationship managers.
- Novibet: In June, Jumio announced that it is teaming up with Novibet, an online gaming operator with more than 1,800 casino games across web and mobile devices. The partnership enables Novibet to onboard new players faster and more effectively using Jumio’s ID and Document Verification solutions while speeding up eKYC checks and reducing manual reviews.
- New Partnerships: Jumio announced several key partnerships in Q2, including Nok Nok Labs and TruNarrative. Nok Nok Labs is a founding member of the FIDO Alliance, and its integration with Jumio’s identity verification solutions enables Nok Nok S3 Suite customers to avoid difficult, time-consuming custom integrations and instead leverage the integrations of email- and SMS-based one-time passcode. In May, Jumio announced its partnership with TruNarrative to provide industry-leading identity verification to TruNarrative’s single financial crime platform for fraud detection, customer onboarding and regulatory compliance.
- Industry Recognition: Jumio was named a winner of the 2019 Fortress Cyber Security Award in the Authentication and Identity category and recognized as a Silver Stevie winner in the Most Innovative Tech Company of the Year category and a Bronze Stevie winner in the Fastest Growing Tech Company of the Year category in the 17th annual American Business Awards.
- Industry Research: In April, Jumio released the findings of its Global Trust and Safety Survey where it found that only two-thirds of U.S. adults feel “very safe” or “somewhat safe” using online sharing services like Uber or Lyft, and one in five U.S. adults feel “somewhat unsafe” or “not safe at all.” Jumio serves many of the largest players in the sharing economy space.
To learn more about Jumio and its award-winning end-to-end identity verification and authentication solutions, visit jumio.com.
About Jumio
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 170 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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