Digital verification firm Jumio has secured $15 million in financing from Cenana Growth Partners LP and Millennium Technology Value Partners. The new cash injection will allow Jumio to expand its sales and marketing efforts and accelerate product development and international expansion.
The investment follows Jumio’s record financial results for Q2 2016, posting 65 per cent growth in recurring revenue year-on-year and a 50 per cent increase in the number of deals over the same period.
Steve Stuut, CEO of Jumio, said: “With our large customer base, the added support of Millennium Value Technology Partners fully funds our business and enables us to execute our vision even more rapidly and broadly – and provide the business solutions necessary to help combat the growing threat of fraud.”
Jumio’s digital ID verification solutions have been adopted by firms in the financial services, travel and gaming industries, which require strict adherence to regulations concerning KYC and anti-money laundering. The firm recently signed deals with crypto-currency specialist Krypto Commerce, mobile scooter network Cityscoot and Swiss FS firm bob Finance.
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