Jumio’s Q3 Growth Continues at a Record Pace

Jumio is continuing to post record sales figures for its various Know Your Customer and Anti-Money Laundering solutions. In its latest quarterly report, the identity verification specialist indicated that new business in the third quarter of 2021 is up 130 percent over its results for the same period in 2020, while the company’s overall third-quarter sales were higher than they have ever been.

In that regard, Jumio called particular attention to its AML platform, which it acquired from Beam Solutions roughly one year ago. The company indicated that the platform has rapidly become one of its most popular offerings, and that sales of the AML solution are at a record high for the second consecutive month. The cloud-based AML platform helps financial institutions navigate their regulatory requirements, and monitors transaction activity to watch for suspicious behavior that could point to evidence of fraud.

Jumio’s channel program enjoyed a similarly record quarter as Jumio continued to collaborate with partners in the fraud detection and onboarding sectors. The company noted that its customers come from many different industries, with healthcare and government organizations displaying an especially high interest in biometric onboarding technology.

The company’s highlights for the quarter include a pair of major personnel changes, with Jumio bringing on Anna Convery as its new Chief Marketing Officer and appointing Jennifer Harris to its Board of Directors. Jumio also made its way onto the 2021 AIFintech100 List, which recognizes companies that are developing innovative AI solutions for the financial industry.

“Whether you’re creating an account for social media, healthcare or a bank, identity is the keystone, and as the digital identity space evolves, Jumio continues to expand and innovate to support accelerated digital transformation and online transaction growth across geographies and industries,” said Jumio CEO Robert Prigge.

Jumio’s onboarding solution uses face and document recognition to verify the identities of new users remotely. Demand for such technology has gone up during the pandemic, while Jumio itself brought in $150 million in funding back in March.

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October 19, 2021 – by Eric Weiss