Jumio reports 'doubling' of digital ID business

01/02/18

Digital ID firm Jumio Corporation has reported that it surpassed the 100 million online identity verification threshold in the fourt quarter of last year.

The firm said this is notable because it took Jumio just ten months to double its identity verification volumes (from 50 million transactions in February).

Paralleling this hyper growth, Jumio’s annual recurring revenues (ARR) nearly doubled, increasing 96 percent year-over-year, while sales grew by more than 176 percent over the same period. 

"This level of growth validates the importance of AI-powered Trusted Identity as a Service and our unique hybrid approach to online identity verification that combines machine learning, AI, and human review," said Steve Stuut, CEO of Jumio. "Increased fraud, compliance mandates, and abandonment rates are very real and very immediate threats for online businesses. So, the ability to quickly and accurately assess whether someone is who they say they are has become a first-order problem that impacts revenue.”

Jumio also kickstarted its global partner program in 2017 and onboarded a number of key strategic partners, including  Branddocs, BlueTurtle and GlobeOne. Jumio’s online identity verification solutions provide its channel partners with revenue opportunities that span a wide variety of use cases from customer onboarding, fraud detection, and step-up verification for high-risk transactions.  

Meanwhile, in July, Jumio announced the addition of eyeball tracking to Netverify’s biometrics capabilities that performs a “liveness” check to ensure that the person behind a government-issued ID is the same person holding the device. 

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