Jumio, the specialist provider of AI-powered end-to-end identity verification and eKYC solutions, has continued growth securing a $150 million investment from Great Hill Partners.
It marks a significant step, with the infusion representing the single largest funding round in the digital identity space. Furthermore, it underlines the importance of the sector.
“Jumio’s innovations helped establish the identity verification market, and the need to establish someone’s digital identity remotely has never been greater,” emphasised Jumio CEO Robert Prigge. “Nick, Matt and the Great Hill team bring tremendous expertise and a strong track record of innovation and strategic leadership, so we are excited to partner with them as we continue to scale.”
The investment will bolster Jumio’s significant global status in the digital identity space by devoting additional resources to automate its identity verification solutions, expand the breadth of the Jumio KYX Platform and grow its suite of AML compliance services.
Jumio brings its pioneering document-centric identity approach to leading blue-chip companies across the telehealth, financial services, online gaming and social media spaces.
With this investment, Great Hill Partners’ Nick Cayer and Matt Vettel will join Centana Growth Partners and Millennium Technology Value Partners on Jumio’s Board of Directors.
“Jumio has established itself as the de facto global leader in online identity verification, fraud detection and compliance,” Cayer said. “Organisations must digitally transform their onboarding, KYC and AML monitoring processes, which have become even more vital as the volume of online and mobile payments reaches historic highs. We’re impressed with this team, the company’s robust growth over the last year, its global coverage and the global market opportunity.”