Jumio Announces Record New Account Growth, Fueled by Growth in Financial Services, Healthcare and Channel Partners
Jumio signed more new customers in Q2 than in any quarter in the company’s history as digital transformation initiatives became an economic necessity.
PALO ALTO, Calif.–(BUSINESS WIRE)–Jumio, the leading provider of AI-powered end-to-end identity verification and authentication solutions, today announced the biggest quarter for customer growth in the company’s history. Jumio says its growth was spurred by financial services and healthcare organizations which were forced to accelerate digital transformation in light of the COVID-19 pandemic.
The second quarter was marked by a number of milestones for the company. Market trends shifting to telehealth and remote new account onboarding fuelled significant gains in new business growth, which collectively grew by more than 100% year-over-year. Moreover, business from Jumio’s ecosystem partners increased tenfold in Q2 over first quarter levels, which speaks to the growing importance of this emerging channel.
“The global COVID-19 pandemic has suddenly accelerated the need for organizations to transform and respond to an unprecedented change in customer behavior and market risks – with extensive digitization being one of the key enablers of such change,” said Robert Prigge, Jumio’s CEO. “It’s imperative for enterprises to build in the necessary operational resiliency to survive this new reality. And that resiliency starts with remote onboarding and enabling organizations to create accounts online without having to visit a branch office or retail outlet.”
At the start of the pandemic, Jumio launched the Jumio Go for Good program to empower organizations involved in COVID-19 relief and assistance. The free program was designed to help eligible organizations quickly and accurately “identity proof” their patients, students and workers to ensure critical services are delivered. This program was responsible for helping a number of healthcare, financial services and online education institutions manage the increased demand for their services spurred by the pandemic.
First half highlights include:
Customer Wins
- University of Texas, Austin: The University of Texas at Austin ranks among the 40 best universities in the world. It supports some 51,000 diverse students with top national programs across 18 colleges and schools. The University of Texas is utilizing Jumio to verify the identities of its enrolled students prior to issuing a UT ID card. This is increasingly important as more and more of its students are learning remotely.
- Bolt: Bolt is a transport app for requesting a fast and affordable ride. Just tap the button to order a ride, get picked up by a nearby driver, and enjoy a low-cost ride to your destination. Bolt is available in 25+ countries and 80+ cities around the world. Jumio provides the identity proofing service for new customers creating online accounts.
- Cynergy Bank: Cynergy Bank is a specialist London-based bank serving the blended financial needs of business owners, property entrepreneurs and family businesses. Cynergy is using Jumio to simplify eKYC and streamline the new account onboarding process.
- Quantum Materials: QDX HealthID Incorporated, a wholly-owned subsidiary of Quantum Materials Corp, recently developed QDX™ HealthID, an app that lets consumers share their health status information with others. The app ensures the authenticity of health data and supports individuals looking to rejoin the workforce quickly. Jumio is being used to verify and vet online users who sign up for the app.
- Lanistar: Founded in 2019 and based in Hammersmith, London, Lanistar aims to become a £1 billion fintech company and revolutionize how customers manage their money, with a focus on attracting customers aged 18-35 who seek aspirational and lifestyle brands to enrich their daily lives. Lanistar is leveraging Jumio to reliably and securely verify remote users while streamlining the onboarding process.
- Top Philippine Banks: As part of Jumio’s continued expansion plans in Southeast Asia, Jumio’s identity proofing solutions are now trusted by six of the top banks in the Philippines.
Partnerships
- Okta: By combining Okta with Jumio, business customers can add document identity proofing to their registration workflow. Okta provides user registration and authentication, and Jumio provides identity proofing services.
- Playtech: Jumio joins Playtech’s SAAS program, whereby Playtech’s operators and suppliers across the industry’s most popular product categories, including casino, live casino, sports betting, virtual sports, bingo and poker, can enable remote onboarding and eKYC compliance with Jumio’s identity verification solutions.
- Mobiquity: Mobiquity is a leading digital consultancy focused on customer onboarding and the user journey. The partnership helps the companies’ joint customers leverage AI-powered digital identity verification to dramatically improve user experiences and reduce abandonment rates during new account onboarding.
- Fountain: Fountain is the high-volume hiring platform empowering the world’s leading brands to streamline and scale their recruiting function. Fountain’s mobile-first platform keeps candidates engaged and reduces drop-off via built-in automated scheduling, text and email reminders. Jumio is integrating with Fountain‘s new employee workflow to verify and help onboard new job applicants.
Product/Security Updates
- Address Services: Jumio launched Address Validation which determines if the address extracted from a government-issued ID (e.g., passport, driver’s license, ID card) exists in the real world. Jumio also launched Proof of Residence which checks with government, credit and commercial data sources to verify the person’s residence and corroborate the physical address.
- Face Lookup: Jumio can now flag potential fraudulent activity when its algorithms spot the same face being used across multiple verification attempts which could signal synthetic fraud.
- Customer Portal: Jumio created a new customer portal enabling customers with greater self-service capabilities, better search functionality, a more intuitive user experience, better reporting functionality and more seamless KYC/AML screening integration.
- Digital Copy Detection: Jumio can now automatically flag pictures of ID documents that are digital copies of the documents, not the genuine article. Fraudsters will often upload digital copies of ID documents in an attempt to circumvent Jumio’s fraud checks.
- ISO 27001: Jumio’s Information Security Management System (ISMS) achieved ISO 27001 certification, while also retaining PCI DSS certification for the eighth year running. Independent assessments confirmed Jumio’s ISMS is well established, in full alignment with its services and has a sharp focus on continuous improvement and the security of client and corporate information.
Key H1 Hires
- Dean Hickman-Smith, Chief Revenue Officer: Dean is responsible for driving revenue growth and all elements of Jumio’s global go-to-market strategy. Prior to Jumio, Mr. Hickman-Smith drove global sales and partnerships at Bitglass, Aerohive and Proofpoint.
- Megan Barbier, Vice President, People & Culture: Megan and her team drive the global people and culture strategy. She has 20 years of experience leading HR functions for large and emerging technology organizations. Prior to Jumio, she led international people operations for Wrike.
Awards & Recognition
- 2020 Business Intelligence Group (BIG) Innovation Award: Jumio Authentication was honored for its ability to prevent account takeover and online fraud by leveraging AI, facial biometrics and certified liveness detection. Jumio was named to BIG’s list of 100 companies and products leading in innovation in 2020.
- Cybersecurity Excellence Awards: Jumio was named the gold winner in the AI security and fastest growing cybersecurity company (1,000-4,999 employees) categories, and the silver winner in the fraud prevention category.
- 2020 Best Places to Work: Jumio was named one of Business Intelligence Group’s Best Places to Work. The annual award program recognizes companies that are actively working to improve their own performance through efforts to challenge employees in environments that make work fun and engaging.
- The American Business Awards: Jumio was honored as a Silver Stevie Award winner for Fastest Growing Tech Company of the Year (up to 2,500 employees) and Most Innovative Tech Company of the Year (up to 2,500 employees). Jumio was recognized for leveraging biometric facial authentication, AI and machine learning to fight fraud.
To learn more about Jumio and its award-winning, AI-powered identity verification and authentication solutions, visit jumio.com.
About Jumio
When identity matters, trust Jumio. Jumio’s mission is to make the internet a safer place by protecting the ecosystems of businesses through cutting-edge online identity verification and authentication services that quickly and accurately connect a person’s online and real-world identities. Jumio’s end-to-end identity verification solutions fight fraud, maintain compliance and onboard good customers faster.
Leveraging advanced technology including informed AI, biometrics, machine learning, certified 3D liveness detection and human review, Jumio helps organizations meet regulatory compliance including KYC, AML and GDPR and definitively establish the digital identity of their customers. Jumio has verified more than 250 million identities issued by over 200 countries and territories from real-time web and mobile transactions. Jumio’s solutions are used by leading companies in the financial services, sharing economy, digital currency, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in North America, Latin America, Europe and Asia Pacific and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com.
Contacts
U.S. Media Contact
Alex Mercurio
10Fold Communications
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925-271-8227
Gemma Lingham
FleishmanHillard Fishburn
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