Juvo raises $40m in Series B funding
Written by Anthony Strzalek
Juvo, a mobile identity scoring firm based in California, has announced a $40 million Series B funding round led by investors New Enterprise Associates (NEA) and Wing Venture Capital.
Also included in the startup’s latest funding round was SignalFire as well as a number of existing investors. Juvo will use these new funds to drive global growth, with a particular emphasis on Asia, Latin America and Europe, and broaden its suite of financial service offerings targeting the ‘financially excluded’.
Juvo uses data science-based credit algorithms to identify previously anonymous prepaid subscribers, enabling them to build financial identities and gain access to basic financial services. Juvo currently partners with seven mobile operators around the world, with a reach of over 500 million subscribers across 25 countries and four continents.
Steve Polsky, CEO of Juvo, said: “Today, there are over two billion underbanked people in the world – most of whom have a mobile phone. Juvo reaches these individuals, identifies them as creditworthy and provides access to financial services.
“This new funding will allow Juvo to expand and deepen our product offerings as well as continue to build the best in class teams in data science, financial services and consumer mobile services. The addition of NEA to our investors and Peter Wagner of Wing to our board will further drive our commitment to providing financial inclusion for all.”
NEA managing director, Scott Sandell, added: “At NEA, we love to partner with companies who are helping to shape the innovation economy. Juvo is doing just that by changing the face of financial services around the globe. Juvo’s solution is not only inventive, but addresses a vital global need while providing distinct value to its partners.”