Market Overview

Over 100 Million Identities Verified, And Counting With Jumio

Over 100 Million Identities Verified, And Counting With Jumio
The Benzinga Global Fintech Awards are a yearly showcase of the greatest advents in fintech from leaders and visionaries in the worlds of finance and technology. This year, we have executives, developers and innovators from the likes of Facebook, Amazon, IBM, JP Morgan, Zelle, TD Ameritrade, TradeStation, Fidelity, and so many more.
The BZ Awards is an oscar-like event to showcase the companies with the most impressive technology, who are paving the future in financial services and capital markets. In preparation for its biggest installment yet this May, we're profiling the companies who have moved to the final round of judging for the BZ Awards. In this feature we focus in on Jumio.

What does your company do? What unique problem does it solve?

Whether in front of a webcam or a smartphone, Jumio can quickly verify the authenticity of an ID, a document, or your user’s real-world identity in seconds—not hours or days—helping businesses optimize conversions, deter fraud, and meet compliance mandates (Anti-Money Laundering/Know Your Customer/ GDPR) while providing a fast, seamless customer experience. Jumio is used by leading companies in the financial services, cryptocurrency, sharing economy, retail, travel, and online gaming sectors.
While other verification solutions rely on automation to check IDs, Jumio uses a hybrid approach that is both unique and highly accurate. Jumio’s AI-powered Netverify solution suite uses a combination of computer vision technology, machine learning, biometrics, and human verification experts to verify credentials issued by over 200 countries in real time web and mobile transactions. Jumio’s Trusted Identity as a Service platform is used by leading companies in the financial services, sharing economy, cryptocurrency, retail, travel and online gaming sectors – including Airbnb, Coinbase, United Airlines, easyJet and more.
Jumio serves a variety of use cases and customer pain points from employee verification, age verification, as well as:
  • Fraud Detection: In an ever growing digital world, verifying your customer’s real world identity to their digital one can be daunting. But as cyber criminals become more and more savvy, mitigating fraud risk is essential to a business’ bottom line as well as a consumer’s experience. Jumio gives our customer a definitive yes or no decision about whether to accept or reject an online verification transaction with the highest accuracy rates in the industry.
  • Knowledge Based Authentication Replacement: Knowledge-based authentication is an authentication process in which the user is asked to answer at least one “secret” question. Thanks to a steady stream of data breaches, chances are good that cyber criminals already have access to the answers of a user’s security questions. As a result, many enterprises are abandoning KBA for biometric-based online identity verification for a more secure platform.
  • User Onboarding: Consumers want a seamless digital journey whether it be ordering coffee, renting a car, checking their bank and investments or checking into their hotel. Tailoring and streamlining the user experience is critical to that journey and reducing abandonment rates. With Jumio’s online ID and identity verification, abandonment rates can dramatically reduced with a more familiar and simple online verification process.

Who are your customers?

Jumio serves more than 500 global customers, including some of the largest players in the financial services, cryptocurrency, sharing economy, online gambling, and travel/hospitality industries. Jumio serves mid-size to enterprise companies in a variety of industries, including the global leaders in the sharing economy (AirBnB), financial services (HSBC), cryptocurrency (Coinbase), and online gambling (

How long have you been in business?

Jumio has been verifying identities since 2010. Jumio’s Netverify solution has been in market since 2012.

Where are you located?

Jumio is located in the heart of Silicon Valley, Palo Alto, California.

Who is your company’s leadership? What kind of experience do they have?

From the U.S. to the Asia, Jumio’s leadership team provides decades of experience in technology, financial planning, sales, marketing, innovation, customer success and entrepreneurship. This diverse, robust team of leaders ensures global coverage for Jumio’s customer base.
Stephen Stuut, Chief Executive Officer, has fueled corporate growth in leading technology businesses for more than 25 years. Before working at Jumio, Stephen was the CEO of TruePosition, a location-based services technology company. Previously, he was the President and CEO of Broadband Innovations, a company that delivers digital interactivity services to cable TV providers.
Colby Moosman, Chief Financial Officer, is responsible for financial planning, operations management and reporting. He has held leadership roles at both public and private companies, including American Airlines during that company’s notable restructuring and Centex Homes, a $10 billion home builder acquired by Pulte. Colby recently held financial and operating responsibilities at Tidemark, an enterprise Software-as- a-Service startup acquired by a private equity firm.
Robert E. Prigge, Chief Revenue Officer, leads all customer-facing activities such as sales, marketing and support. Before working at Jumio, Robert was the Chief Sales Officer for Gartner Cool Vendor Infrascale as well as Chief Commercial Officer for Kleiner-Perkins’ finance platform CPF. Robert also served as VP of Global Sales and Marketing for the Sterling Commerce Division of AT&T through it’s $1.4 billion dollar acquisition by IBM. In addition to being an expert in global business, he is fluent in Japanese and has lived overseas for nearly 15 years.
James Cook, General Counsel and Company Secretary, has been practicing law at technology companies in the U.S., Europe and Australia for over 15 year. He was responsible for executing large transaction within the private and public sectors at companies like Accenture and Hewlett-Packard. James recently served as general counsel and company secretary of Aconex, culminating in a $140M IPO in December 2014.
Labhesh Patel, Chief Technology Officer and Chief Scientist, is responsible for driving Jumio’s innovation in the identity verification space with deep learning, computer vision and augmented intelligence – an alternative conceptualization of artificial intelligence that focuses on AI;s assistive role. He has more than 15 years of experience in corporate and entrepreneurial setting. Labesh has experience in leading engineering teams, launching new online services and developing ground breaking technologies.
Alexey Grubauer, Chief Information Officer, brings more than 15 years of innovative software development experience to Jumio. He has deep roots in the payments world, as he served as Head of Software Development as paysafecard which offers a safe and convenient way for consumers to execute online payments. He honed in on his client services skills at EOC/Frontworx, a consulting company where he managed multiple development teams executing a wide range of projects in the payments and business process arenas.
Philipp Pointner, Chief Product Officer, facilitates Jumio’s product strategy. He turns visions into products with his team of product managers and designers. Before working at Jumio, Philipp was responsible for paysafecard, Europe’s most popular prepaid solution for online purchases. He played a prominent role in launching the KYC compliant mypaysafecard wallet. Before that, he worked at e-commerce giant First Data, where he took a deep dive into the classic payment industry.
Christian Schwaiger, Chief Security Officer, aims to ensure that Jumio adheres to the most stringent levels of security and industry regulations and standards as they relate to merchant and customer data security and privacy. He was involved in Common Criteria, Visa/Mastercard, ISO 27001 and PCI certification efforts for different companies including a smart card manufacturer.
Ervinna Lim, Head of Global Customer Success, is responsible for the team for all onboarding, support and customer success. Ervinna manages a team of sales engineers, support, and professional services representatives around the globe including personnel in Palo Alto (HQ), London, Jaipur, and Vienna.
Dean Nicolls, Head of Global Marketing, brings 25 years of experience in B2B marketing focusing on cloud services. These include roles at Starbucks, Microsoft and variety of early stage cloud-based security companies including LiveOffice (acquired by Symantec), TeleSign (acquired by BICS) and, most recently, Infrascale. At Jumio, Dean is responsible for all branding, PR/analyst relations, product messaging, demand generation and sales/channel enablement.
Karen Treiger, Head of People and Culture, is in charge of strategically leading Jumio’s global people and culture organization, building talent management and helping drive its IDEAL culture. Karen brings more than 20 years of experience working with startups and Fortune 500 companies. Karen has served in various HR leadership and consultant roles with YouSendIt, Shazam, Hewlett Packard, Omnicell and Informatica.
Frederic Ho, Vice President, Asia Pacific, bring more than a decade of selling and marketing information security solutions in the Asia Pacific. He leads Jumio’s efforts to launch and expand its online identity verification solutions in the region across a broad range of verticals. Prior to Jumio, Frederic manager teams at Micro Focus, OpenText, Autonomy Systems and Data Craft Asia.

Who are your investors, if any?

Jumio’s investors are Millennium Technology Ventures and Centana Growth Partners.

Is there anything else Benzinga should know about your company?

With GDPR coming into effect at the end of the month, companies are scrambling to become compliant. GDPR is a regulation that requires businesses to protect the personal data and privacy of EU citizens for transactions that occur within EU member states. Jumio is not only fully GDPR compliant as a data processor, with a robust and transparent program for maintaining all standards laid out in GDPR, but also its identity verification solution is a key GDPR enabler, offering customers the ability to maintain data protection and contribute
to their compliance with GDPR requirements.
Jumio enables its customers to become GDPR compliant because of 5 core must-haves that are baked into our online identity solutions:
  1. Data Encryption
  2. Human Review
  3. Compliant Machine Learning
  4. Data Retention
  5. Data Breach Notifications
While the GDPR is somewhat vague in terms of specifics, PCI DSS provides much better granularity. That’s why data processors, such as Jumio, that are already PCI DSS compliant have a big head start on implementing the kinds of data security best practices and controls that the GDPR requires. Plus, PCI DSS compliant organizations have the added advantage of having their security practices, including data encryption, data retention, and data breach notification processes vetted by independent regulators.

Posted-In: Benzinga Fintech Awards JumioFintech


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