Jumio scoops $150m as regtech sector hots up

AI-powered end-to-end verification fintech Jumio has raised $150m, the largest funding round for a digital identity fintech to date.

The funding comes from private equity firm Great Hill Partners, which has invested in the likes of online gift retailer Not On The Highstreet and online homeware retailer Wayfair.

As part of the deal, Nick Cayer and Mett Vettel, both partners at Great Hill Partners, will join Jumio’s board.

“Jumio’s innovations helped establish the identity verification market more than 10 years ago, and the need to establish someone’s digital identity remotely has never been greater,” said Jumio’s CEO Robert Prigge. 

“Nick, Matt and the Great Hill team bring tremendous expertise and a strong track record of innovation and strategic leadership, so we are excited to partner with them as we continue to scale.”

Jumio will use the investment to double down on its international expansion plans, as well as grow its anti-money laundering (AML) and know your customer (KYC) compliance services. 

On his appointment to Jumio’s board, Cayer said: “Jumio has established itself as the de facto global leader in online identity verification, fraud detection and compliance.”

“Organizations must digitally transform their onboarding, KYC and AML monitoring processes, which have become even more vital as the volume of online and mobile payments reaches historic highs. We’re impressed with this team, the company’s robust growth over the last year, its global coverage and the global market opportunity.”

Jumio had a strong 2020, achieving record revenues, customer volumes and in September it launched its KYX platform to help create better profiles of online customers. 

The fintech has verified more than 300 million identities in over 200 countries worldwide.