Continued investments in Machine Learning, AI and Biometrics Fueling Growth
Palo Alto, Calif. – Oct. 18, 2018 – Jumio, the leading AI-powered trusted identity as a service provider, today announced that sales grew by 130 percent year-over-year in the first three quarters of 2018. Jumio’s annual recurring revenues (ARR) also more than doubled, increasing 104 percent over the same period.
“This growth validates the importance of AI-powered trusted identity as a service and is further proof that Jumio’s innovations around liveness detection, machine learning and AI have enabled us to become the global leader in online identity verification,” said Stephen Stuut, CEO of Jumio. “Jumio performs close to 300,000 verifications per day, and has already verified 150 million transactions to date.”
The third quarter of 2018 was also notable for the following achievements:
- Jumio AI Labs: Montreal-based Jumio AI Labs launched in September, 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 related to online identity verification.
- Building Global Partnerships: In July, Jumio announced a partnership with Backbase, the omnichannel digital banking platform leader. Jumio’s online identity verification services enhance Backbase’s Open Banking Marketplace to compliantly vet new users, simplify account onboarding and dramatically reduce online fraud.
- Industry Recognition: Jumio continues to amass recognition for product innovation, and its Netverify solution was honored in September with the Overall ID Management Solution of the Year Award in the 2018 CyberSecurity Breakthrough Awards. An outstanding user experience resulted in a double win for Jumio and Monzo at the UK Digital Experience Awards 2018, where the teams took home Gold awards in the Financial Services: Best User Experience and Best Online User Experience B2C–Best Digital Customer Journey categories. Jumio also recently shared top honors in the Fastest-Growing Company of the Year category for Medium and Large companies by the Best in Biz Awards 2018 International.
- Identity Matters Summit: Jumio hosted its first-ever Identity Matters Summit in London in September. The event was a great opportunity to connect with customers and share the latest trends and solutions in identity capture and verification, along with the best practices for building trusted relationships while deterring and preventing fraud.
For live demonstrations of the Netverify ID, Identity and Document Verification solutions, visit Jumio at Money20/20 USA (Booth 2135) this week in Las Vegas.
About Jumio
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 including augmented AI, biometric facial recognition, machine learning and human review, Jumio helps organizations to meet regulatory compliance including KYC, AML and GDPR and definitively establish the digital identity of their customers. Jumio has verified more than 150 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 U.S., Europe and Asia Pacific and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com.
Media Contacts
U.S. Media Contact
Jackie Daane
10Fold Communications
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415-800-5369
Europe Media Contact
Zarina Banu
FleishmanHillard Fishburn
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+44 (0) 7775 557578