Jumio has underscored its credentials as the leading global customer verification and eKYC compliance solutions provider for all digital businesses, revealing that its AI-powered platform is processing more than one million identity verifications per day.
Providing a company update, the Palo Alto KYC specialist stated that it was on course to deliver a further record-breaking year as its systems had “already cleared over 100 million different transactions in 2021 so far alone.”
Furthermore, expanding its presence within the high-risk digital sectors of financial trading, igaming and insurance, Jumio projects that its YTD revenues are growing at more than 118% year-on-year.
Driving new customer growth, Jumio notes that fraud detection has dramatically increased due to the state-of-the-art accuracy of its new ‘Face Lookup’ feature.
Jumio’s solution flags potential fraudulent activity by tracing the same face used across multiple identity verification attempts, specifically targeting fraud rings and repeat fraudsters.
Additionally, Jumio’s automation recently won gold for AI in Security in the 2021 Cyber Security Global Excellence Awards.
“Scaling to meet this explosive growth has required both innovation and execution. We have even had customers transferring volumes from other identity verification providers that are unable to scale and keep up with their high volumes,” said Bala Kumar, Jumio chief product officer, who joined Jumio in March from TransUnion and iovation.
“Powered by automation and an infrastructure that is faster and more reliable than ever, we are excited about the benefits that Jumio’s next-generation innovations will unlock.”
Building on top of existing AI powered automation, Jumio will continue to bolster its innovation capacities by leveraging the $150 million round of funding round backed by Great Hill Partners.