Jumio generates $15m in financing round

Digital ID verification company Jumio has secured $15 million (€13.5 million) in a financing round.

The new funding comes courtesy of Centana Growth Partners and Millennium Technology Value Partners.

Jumio said it intends to use the funds to strengthen its market position, as well as expand its sales and marketing efforts, and accelerate product development and international expansion.

The funds will serve as a boost to Jumio, which in March filed for bankruptcy in the US.

However, the firm has seen an upturn in fortunes after it posted record results in the second quarter, with over 65% growth in recurring revenue year-over-year, as well as an increase in its customer base.

“Companies are looking for higher levels of guidance on new and emerging processes to manage their on-line and mobile business including ID verification and ID proofing that combine one or two government issued IDs, with live photo and facial recognition, along with inferred data,” Jumio chief executive Steve Stuut 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.”

Max Chee, managing partner of Millennium Technology Value Partners and a new board member at Jumio, added: “We believe the company will continue to see impressive growth fueled by the market’s demand for secure business transactions that address a growing mobile world, and increasing regulatory requirements.

“Jumio is well positioned to continue to set the bar for business solutions that meet and exceed these requirements.”

Related article: Jumio files for bankruptcy in US