Identity verification firm Jumio has secured a $150m investment from private equity business Great Hill Partners, it has announced.
The growth capital represents the largest funding round in the history of digital identity and will fuel innovation and automation within the company, Jumio outlined.
The investment will be used to dedicate additional resources to automating identity veriﬁcation solutions, expand the breadth of the Jumio KYX Platform and grow the suite of AML compliance services, Jumio added.
Along with the investment, Nick Cayer and Matt Vettel, Great Hill Partners, will join Jumio’s board of directors.
“Jumio’s innovations helped establish the identity veriﬁcation market more than 10 years ago, and the need to establish someone’s digital identity remotely has never been greater,” said Jumio CEO Robert Prigge. “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.”
Cayer added: “Jumio has established itself as the de facto global leader in online identity veriﬁcation, fraud detection and compliance. Organizations must digitally transform their on boarding, 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.”