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Digital ID provider Jumio secured $150 million following a record year for regtech funding

Published by Business Insider on Thu, 25 Mar 2021


<bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>US-based Jumio raised $150 million, which it&nbsp;<a href="https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly93d3cuanVtaW8uY29tL2Fib3V0L3ByZXNzLXJlbGVhc2VzL2dyZWF0LWhpbGwtcGFydG5lcnMv/5d233c18f730436f2414784fBdb6e470c" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly93d3cuanVtaW8uY29tL2Fib3V0L3ByZXNzLXJlbGVhc2VzL2dyZWF0LWhpbGwtcGFydG5lcnMv/5d233c18f730436f2414784fBdb6e470c&amp;source=gmail&amp;ust=1616670264404000&amp;usg=AFQjCNFoHSr4nMPcyS8NGBgWNmR7OB5jBA"><u>says</u></a> is the single largest funding round for a digital ID regtech. Jumio's platform uses biometrics, machine learning, and computer vision to automate user identity verification and compliance with know-your-customer (KYC), money laundering, and data protection regulations. <img style="float:right;" src="https://static3.businessinsider.com/image/605b357f106eb50019d05484-2298/Annual global regtech funding.png" border="0" alt="Regtech funding skyrocketed in 2020, and this will likely continue as FIs face upcoming regulatory challenges" data-mce-source="Insider Intelligence"></p><p>Jumio serves financial institutions (FIs) across the gamut, from big banks like HSBS to neobanks like Monzo, in addition to online gaming companies and others. The regtech will use the funding to automate its identity verification solutions further and expand its compliance services.</p><p>Jumio has enjoyed strong growth as FIs ramp up investments in digital identity verification solutions amid the pandemic.</p><ul><li>FIs face customer demand for better online processes in addition to increasing financial crime costs.&nbsp;The pandemic has pushed customers to access financial services online, yet FIs are&nbsp;<a href="https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL2RpZ2l0YWwtYWNjb3VudC1vcGVuaW5nLWlzbi10LXNlYW1sZXNzLWV4cGVyaWVuY2UtdXMtYmFua2luZy1jdXN0b21lcnMtaGVyZS1zLWhvdy1iYW5rcy1taW5pbWl6ZS1mcmljdGlvbi1uZXctYWNjb3VudC1hYmFuZG9ubWVudC13aXRoLQ/5d233c18f730436f2414784fBaa6e54fa" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly9jb250ZW50LW5hMS5lbWFya2V0ZXIuY29tL2RpZ2l0YWwtYWNjb3VudC1vcGVuaW5nLWlzbi10LXNlYW1sZXNzLWV4cGVyaWVuY2UtdXMtYmFua2luZy1jdXN0b21lcnMtaGVyZS1zLWhvdy1iYW5rcy1taW5pbWl6ZS1mcmljdGlvbi1uZXctYWNjb3VudC1hYmFuZG9ubWVudC13aXRoLQ/5d233c18f730436f2414784fBaa6e54fa&amp;source=gmail&amp;ust=1616670264404000&amp;usg=AFQjCNGcnN05eCqLP-jChhwkoBfOn6ZsWQ"><u>failing</u></a> to deliver a seamless customer experience for things like quickly opening and funding bank accounts. But as customers share more financial information online, it creates more vulnerable channels for bad actors to target: US regulator <a href="https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAyMC8xMC8xNC9icm9rZXJhZ2UtbG9nLWlucy1mb3Itc2FsZS1vbi1kYXJrLXdlYi1yb2Jpbmhvb2Qtc2Vlcy1oaWdoZXN0LXByaWNlcy0uaHRtbA/5d233c18f730436f2414784fB001eb72b" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly93d3cuY25iYy5jb20vMjAyMC8xMC8xNC9icm9rZXJhZ2UtbG9nLWlucy1mb3Itc2FsZS1vbi1kYXJrLXdlYi1yb2Jpbmhvb2Qtc2Vlcy1oaWdoZXN0LXByaWNlcy0uaHRtbA/5d233c18f730436f2414784fB001eb72b&amp;source=gmail&amp;ust=1616670264404000&amp;usg=AFQjCNELVozz-Sg2j78q2VGGpnQI-lZJrg"><u>FINCEN </u></a>reported that it has seen around $1 billion worth of financial crimes a month since the start of the pandemicand cyberattacks cost more to financial firms than any other industry,&nbsp;<a href="https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly9uZXdzcm9vbS5hY2NlbnR1cmUuY29tL25ld3MvY3liZXJjcmltZS1jb3N0cy1maW5hbmNpYWwtc2VydmljZXMtc2VjdG9yLW1vcmUtdGhhbi1hbnktb3RoZXItaW5kdXN0cnktd2l0aC1icmVhY2gtcmF0ZS10cmlwbGluZy1vdmVyLXBhc3QtZml2ZS15ZWFycy1hY2NvcmRpbmctdG8tcmVwb3J0LWZyb20tYWNjZW50dXJlLWFuZC1wb25lbW9uLWluc3RpdHV0ZS5odG0/5d233c18f730436f2414784fB52e35884" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly9uZXdzcm9vbS5hY2NlbnR1cmUuY29tL25ld3MvY3liZXJjcmltZS1jb3N0cy1maW5hbmNpYWwtc2VydmljZXMtc2VjdG9yLW1vcmUtdGhhbi1hbnktb3RoZXItaW5kdXN0cnktd2l0aC1icmVhY2gtcmF0ZS10cmlwbGluZy1vdmVyLXBhc3QtZml2ZS15ZWFycy1hY2NvcmRpbmctdG8tcmVwb3J0LWZyb20tYWNjZW50dXJlLWFuZC1wb25lbW9uLWluc3RpdHV0ZS5odG0/5d233c18f730436f2414784fB52e35884&amp;source=gmail&amp;ust=1616670264404000&amp;usg=AFQjCNGg5iD0ZrivMRyw4nMLqBr1Wd6xRg"><u>per</u></a>&nbsp;Accenture.</li><li>This is driving demand for Jumio's digital ID tools.&nbsp;The regtech's tools automate FIs' user ID verification to prevent financial crime and provide a frictionless online customer journey. As a result, the regtech announced that Q3 2020 was its&nbsp;<a href="https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly9maW5hbmNlLnlhaG9vLmNvbS9uZXdzL2p1bWlvLXJlcG9ydHMtbGFyZ2VzdC1zYWxlcy1xdWFydGVyLTEzMDAwMDk0Mi5odG1s/5d233c18f730436f2414784fBcf769594" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly9maW5hbmNlLnlhaG9vLmNvbS9uZXdzL2p1bWlvLXJlcG9ydHMtbGFyZ2VzdC1zYWxlcy1xdWFydGVyLTEzMDAwMDk0Mi5odG1s/5d233c18f730436f2414784fBcf769594&amp;source=gmail&amp;ust=1616670264404000&amp;usg=AFQjCNH3v-801hTAIrPhzhRsp220ILDi4w"><u>largest</u></a>&nbsp;sales quarter and that it has verified more than 300 million identities, up from&nbsp;<a href="https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly93d3cuanVtaW8uY29tL2Fib3V0L3ByZXNzLXJlbGVhc2VzL2ZpcnN0LXF1YXJ0ZXItMjAxOS8/5d233c18f730436f2414784fBbff69db3" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly93d3cuanVtaW8uY29tL2Fib3V0L3ByZXNzLXJlbGVhc2VzL2ZpcnN0LXF1YXJ0ZXItMjAxOS8/5d233c18f730436f2414784fBbff69db3&amp;source=gmail&amp;ust=1616670264404000&amp;usg=AFQjCNG4O6qvk4jc3R-K_nYV_VZTXTC50A"><u>170 million</u></a>&nbsp;in 2019, per its press release. To support this growth going ahead, Jumio launched the&nbsp;<a href="https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly93d3cuanVtaW8uY29tL2t5eC8/5d233c18f730436f2414784fBcd75861f" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly93d3cuanVtaW8uY29tL2t5eC8/5d233c18f730436f2414784fBcd75861f&amp;source=gmail&amp;ust=1616670264404000&amp;usg=AFQjCNFaqw-moOzPnRgb9tQ5M4icx1XECw"><u>KYX Platform</u></a>&nbsp;in September, letting FIs seamlessly build a complete digital profile of online users while simplifying their ongoing fraud signal monitoring.</li></ul><p>Regtech funding skyrocketed in 2020, and this will likely continue as FIs face upcoming regulatory challenges. Regtech funding reached <a href="https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly9hc3NldHMua3BtZy9jb250ZW50L2RhbS9rcG1nL3h4L3BkZi8yMDIxLzAyL3B1bHNlLW9mLWZpbnRlY2gtaDItMjAyMC5wZGY/5d233c18f730436f2414784fBa7902183" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly9hc3NldHMua3BtZy9jb250ZW50L2RhbS9rcG1nL3h4L3BkZi8yMDIxLzAyL3B1bHNlLW9mLWZpbnRlY2gtaDItMjAyMC5wZGY/5d233c18f730436f2414784fBa7902183&amp;source=gmail&amp;ust=1616670264404000&amp;usg=AFQjCNFv3pxYhL9gagyInoU9mceXdcXDeg"><u>$10.6 billion</u></a>&nbsp;in 2020, more than triple the $3.5 billion raised in 2019. Fellow digital ID providers&nbsp;<a href="https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly90ZWNoY3J1bmNoLmNvbS8yMDIwLzA0LzE1L29uZmlkby10aGUtYWktYmFzZWQtaWQtdmVyaWZpY2F0aW9uLXBsYXRmb3JtLXJhaXNlcy0xMDBtLWxlZC1ieS10cGcv/5d233c18f730436f2414784fBd74fe4e7" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly90ZWNoY3J1bmNoLmNvbS8yMDIwLzA0LzE1L29uZmlkby10aGUtYWktYmFzZWQtaWQtdmVyaWZpY2F0aW9uLXBsYXRmb3JtLXJhaXNlcy0xMDBtLWxlZC1ieS10cGcv/5d233c18f730436f2414784fBd74fe4e7&amp;source=gmail&amp;ust=1616670264404000&amp;usg=AFQjCNGzLLmO3qhaJCHBBPCNRy8PMzqxQw"><u>Onfido</u></a>&nbsp;and&nbsp;<a href="https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly90ZWNoY3J1bmNoLmNvbS8yMDIwLzA2LzE4L3BheWZvbmUtcmFpc2VzLTEwMG0tZm9yLWl0cy1tb2JpbGUtcGhvbmUtYmFzZWQtZGlnaXRhbC12ZXJpZmljYXRpb24tYW5kLWlkLXBsYXRmb3JtLw/5d233c18f730436f2414784fBa6ab82d4" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.insiderintelligence.com/click/23299958.4/aHR0cHM6Ly90ZWNoY3J1bmNoLmNvbS8yMDIwLzA2LzE4L3BheWZvbmUtcmFpc2VzLTEwMG0tZm9yLWl0cy1tb2JpbGUtcGhvbmUtYmFzZWQtZGlnaXRhbC12ZXJpZmljYXRpb24tYW5kLWlkLXBsYXRmb3JtLw/5d233c18f730436f2414784fBa6ab82d4&amp;source=gmail&amp;ust=1616670264404000&amp;usg=AFQjCNHmq4ugYnFePcyh8TMzcHoIYO9N-g"><u>Payfone</u></a>, for example, each raised $100 million last year, and Jumio's raise suggests there are no signs that funding activity will slow down this year.</p><p>Additionally, there are new compliance challenges on the horizon that will further encourage FIs to leverage regtech solutions from the likes of Jumio, generating more growth and funding opportunities. President Biden, for example, will likely impose enhanced data protection standards akin to the General Data Protection Regulation (GDPR) in Europe,&nbsp;<a href="https://e.businessinsider.com/click/23299958.4/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9ob3ctZWFjaC1hZG1pbmlzdHJhdGlvbi1jb3VsZC1pbXBhY3QtZmludGVjaC1pbmR1c3RyeS0yMDIwLTEx/5d233c18f730436f2414784fBfa9d233e" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url'q=https://e.businessinsider.com/click/23299958.4/aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9ob3ctZWFjaC1hZG1pbmlzdHJhdGlvbi1jb3VsZC1pbXBhY3QtZmludGVjaC1pbmR1c3RyeS0yMDIwLTEx/5d233c18f730436f2414784fBfa9d233e&amp;source=gmail&amp;ust=1616670264404000&amp;usg=AFQjCNEHucOMGmfZxoaQ13UsMx1YOnfkUg"><u>per</u></a>&nbsp;an Insider Intelligence forecast.</p><p><strong><em>Want to read more stories like this one' Here's how you can gain access:</em></strong></p><ol><li>Join other Insider Intelligence clients who receive Fintech forecasts, briefings, charts, and research reports to their inboxes each day. <a href="https://www.insiderintelligence.com/become-a-client/'IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=bottom_bullets&amp;itm_term=enterprise_text_link-ai-powered-regtech-jumio-takes-home-mega-round-2021-3">&gt;&gt;&nbsp;<strong>Become a Client</strong></a></li><li>Explore related topics more in depth. <a href="https://store.businessinsider.com/collections/fintech'IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=bottom_bullets&amp;itm_term=store_text_link-ai-powered-regtech-jumio-takes-home-mega-round-2021-3">&gt;&gt;&nbsp;<strong>Browse Our Coverage</strong></a></li></ol><p><em>Current subscribers can access the entire Insider Intelligence content archive <a href="https://subscriptions.emarketer.com/">here</a>.</em></p><p><a href="https://www.businessinsider.com/ai-powered-regtech-jumio-takes-home-mega-round-2021-3#comments">Join the conversation about this story &#187;</a></p>
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