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Jumio reports 65% growth in recurring revenue

There is more than 50% increase in deals YOY August 1, 2016: Jumio, the leading digital ID verification company, announced record results for Q2 2016, with a greater than 65 per cent growth in recurring revenue year-over-year, and a record 30 million transactions completed to-date. Jumio’s customer base continues to expand, closing more deals than at any other time in company history, with Q2 2016...

There is more than 50% increase in deals YOY

August 1, 2016: Jumio, the leading digital ID verification company, announced record results for Q2 2016, with a greater than 65 per cent growth in recurring revenue year-over-year, and a record 30 million transactions completed to-date. Jumio’s customer base continues to expand, closing more deals than at any other time in company history, with Q2 2016 resulting in a more than 50 per cent increase in deals year-over-year.  This high momentum has been fuelled by continued growth across every aspect of its business.

These results are not only indicative of the company’s continued innovation; they also demonstrate the widespread demand across core verticals for a trusted ID verification solution. With more than $16 billion stolen from 12.7 million identity fraud victims in 2014, it’s clear that identity fraud is an increasing threat across every industry. From financial services to travel, online gaming and the shared economy, Jumio has helped to prevent fraud by ensuring transactions are safe and secure; while also reducing abandonment through improved customer experiences.

“The investment by Centana Growth Partners allows us to continue to capitalise on this expansive phase of Jumio’s business,” said Steve Stuut, CEO, Jumio. “New and changing markets, such as shared economy and innovative online banking, are forcing dramatic business transformation, and Jumio is providing the trust required to do business online.

“The ID verification space is seeing rapid growth and Jumio continues to lead the market as it addresses the issues and challenges facing many businesses today,” said Ben Cukier, Partner, Centana Growth Partners.  “With the continued growth of web and mobile transactions, companies must ensure that online customers are who they say they are.  As fraud continues to expand, the ability for customers to conduct safe and secure transactions will remain a key issue.”

Jumio’s flagship product Netverify provides online and mobile ID verification. The advanced computer vision technology along with ID verification experts enable customers to perform high-risk transactions quickly and easily – providing a better user experience.

In alignment with Jumio’s record growth the company will extend its expansion efforts and continue to aggressively hire across its offices in Austria, the UK and U.S. In Q2 2016, Jumio’s hiring increased substantially. The company will continue to expand the global team, throughout the year, with significant investments in product development and customer services to meet growing demand.

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