Jumio raises $150 million from Great Hill Partners
Great Hill Partners is investing $150 million in Jumio, the once highflying fintech that Facebook co-founder Eduardo Saverin backed years ago.
The investment will accelerate Jumio’s significant 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.
Jumio brings its pioneering document-centric identity approach to leading blue-chip companies across the telehealth, financial services, online gaming and social media spaces.
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’s innovations helped establish the identity verification market, 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.”
Great Hill has deep growth investing experience across the cybersecurity, compliance and financial technology sectors, having scaled and added value to a range of tech-enabled companies including AffiniPay, Confirmation, MineralTree, SecureWorks and Versapay.
“Jumio has established itself as the de facto global leader in online identity verification, fraud detection and compliance,” Cayer said. “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.”