Digital identity verification leader Jumio raises $150 mn from Great Hill Partners

By Pavithra R

Jumio, an AI-powered online identity verification and authentication services company, has announced securing a $150 mn Series B funding from Great Hill Partners, a private equity firm that invests in high-growth, disruptive companies.

The company touts the funding to be the single largest funding round in the digital identity space and speaks of the global importance of establishing a user’s identity remotely to defend against fraud and financial crime, comply with KYC and AML regulations and boost online conversions.

“Jumio’s innovations helped establish the identity verification market, and the need to establish someone’s digital identity remotely has never been greater. 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,” said Jumio CEO Robert Prigge.

Jumio will use the investment to accelerate its global lead 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. 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. Organizations 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,” said Cayer.

The funding follows a landmark year for Jumio. In 2020, the company achieved record revenues, volumes and automation breakthroughs. The company brings its pioneering document-centric identity approach to leading blue-chip companies across the telehealth, financial services, online gaming and social media spaces. The firm supports financial services brands like Monzo, HSBC, Bank ABC and more.