SOURCE: Jumio

Jumio

October 23, 2017 08:00 ET

Jumio Records Largest Sales Quarter to Date, Extends its Leadership in Financial Services to the Bitcoin and ICO Markets

Demand for bitcoin is triggering the top cryptocurrency exchanges and ICO issuers to leverage Jumio's Netverify to increase investor trust, improve credibility, and comply with emerging compliance directives

PALO ALTO, CA--(Marketwired - Oct 23, 2017) - Jumio Corporation today announced that Q3 sales increased 411 percent year-over-year as a result of increased sales in the financial services space and growing demand within the bitcoin market, specifically with the leading cryptocurrency exchanges and issuers of initial coin offerings (ICOs). As part of this growth, Jumio continues to attract larger, more global customers with its average deal size more than tripling year-over-year.

Jumio's experience in the financial services sector is now being parlayed to better serve the leading bitcoin players as they seek to reliably establish trust in an inherently anonymous market. Today, Jumio is being used for online identity verification by five of the top 10 cryptocurrency exchanges, including Coinbase, Bittrex, and Bitstamp. Jumio's Netverify is also increasingly being deployed by ICO issuers to magnify the trust and transparency associated with their blockchain-related projects and to meet evolving AML and KYC compliance requirements.

"Jumio has long been the global standard for establishing trusted identity in the financial services industry. We're now extending that leadership and experience to the bitcoin space," said Jumio President and Chief Executive Officer Steve Stuut. "Jumio is well-positioned to serve these markets with its Trusted Identity as a Service solutions that not only cement trust with their investors, while providing an additional layer of transparency to regulators."

The third quarter was also notable for these strategic achievements:

  • Industry Recognition: In September, Frost & Sullivan named Jumio the 2017 North American Entrepreneurial Company of the Year for the Biometric Security Solutions Industry. Frost & Sullivan lauded it for its Trusted Identity as a Service platform: "Netverify stands out due to its multi-authentication process and ability to function seamlessly in a digital environment."

  • Financial Services & Challenger Banks: Jumio sales in financial services increased almost 500 percent year-over-year. This growth is being fueled by digital banks, like Monzo, which are seeking much higher levels of verification accuracy, KYC compliance simplicity, and reduced manual review.

  • Liveness Detection: In July, Jumio announced the addition of eyeball tracking to Netverify's biometrics capabilities. When verifying an identity, in addition to conducting a "liveness" check to ensure a real person is holding the device, Jumio requires users to follow an icon on the mobile device screen with their eyes as it moves in a random pattern.

  • Growth in Asia Pacific: Jumio introduced Chinese character support and recorded its largest sales for that region in the company's history. The growth in Asia Pacific is being driven by the need to identity proof customers of online gaming/gambling and blockchain-related companies. 

For live demonstrations of the Netverify ID, Identity and Document Verification solutions, visit Jumio at booth 1425 during Money 20/20 in Las Vegas, October 22-25.

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 like biometric facial recognition. machine learning, and human review, Jumio helps customers to meet regulatory compliance including KYC and AML and tie the digital identity to the physical world. Jumio has verified more than 80 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, higher education, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in the US, Europe, and Asia Pacific and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com.