Jumio Once Again Sees 400+ Percent Sales Jump in Quarterly Update

“The sales were driven by Jumio’s NetVerify solution, which applies facial recognition and document reading through a standard mobile camera to verify the identities of end users. “

Jumio‘s winning streak continues, with the company announcing a jump of more than 400 percent year-over-year jump in its Q1 sales. And what’s more, Jumio says this is the second quarter of the last three in which its sales grew more than 400 percent, and the fifth consecutive quarter of increasing sales.

The sales were driven by Jumio’s NetVerify solution, which applies facial recognition and document reading through a standard mobile camera to verify the identities of end users. The solution has become popular for customer onboarding applications in particular, especially in the financial services sector but across a range of other areas too.

That, in turn, reflects a broadening market interest in biometric security as digital threats continue to proliferate. Commenting on Jumio’s success in a statement, CEO Steve Stuut credited that trend, asserting that “[t]he increasing reality of online fraud and well-publicized data breaches underscores the need to definitively establish someone’s online identity”. Stuut added that “traditional methods of identity verification, such as knowledge-based authentication, are increasingly being exploited with weak or compromised credentials.”

Other highlights of the company’s first quarter for 2018 include the launch of a software development kit for Android and iOS, wins in three categories of the 14th annual Info Security Product Guide’s Global Excellence Awards, and the launch of an APAC sales office based in Singapore.

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April 26, 2018 – by Alex Perala