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Jumio Links 150 Pct Revenue Growth To KYC Solutions

Jumio, a provider of artificial intelligence (AI)-powered identity verification and KYC (know your customer) tools, on Tuesday (July 20) announced that both sales and revenue grew by more than 150 percent in Q2 2021 from Q2 2020. The company attributes the sales and revenue increases to the need for today’s businesses to know and trust that their online users are who they claim to be.

Verifying users’ identity online has become more critical since the onset of the pandemic. Amid a surge in cyberattacks and data breaches, some have named medical identity theft as one of the country’s fastest-growing crimes, according to a recent report. As a tool to prevent medical identity theft, Klever, a Finland-based cryptocurrency wallet company, earlier this month selected Jumio to provide biometric identity verification for automated onboarding that meets KYC and anti-money laundering (AML) regulations.

Jumio said it processes more than 20 million AML transactions monthly to help payment-accepting organizations know their customers, identify suspicious activity, manage investigations and submit regulatory filings.

“As almost all business is now remote-first, it is more important than ever to establish trust online,” said Robert Prigge, Jumio’s CEO. “A comprehensive, AI-powered verification platform is key to accommodating our customers’ explosive growth and helping them establish and maintain trust online.”

In April, Jumio added iProov’s liveness detection to its KYX platform, ensuring that the online user is genuine, physically present and not a sophisticated cyberattack. Jumio added and expanded a significant number of partnerships in the second quarter, including MicrosoftCopper River IT, Australia’s National Crime Check and Veridium. Jumio also signed a new distribution relationship with Ingram Micro and its emerging business group.

In addition, as PYMNTS reported previously, Jumio this spring joined Microsoft to launch Azure Active Directory (Active AD) verifiable credentials designed to enable faster onboarding.

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