Jumio Achieves Record-Breaking Sales in Q1 2018, a 400% Increase Year-Over-Year
Spurred by growing traction in telecom, financial services and sharing economy, coupled with an increase in online fraud, Jumio announces best sales quarter to date
PALO ALTO, Calif., April 26, 2018 (GLOBE NEWSWIRE) -- Jumio Corporation, the leading AI-powered trusted identity as a service, today announced the best sales quarter in company history. Led by strong sales in telecom, financial services and the sharing economy, Jumio grew Q1 2018 sales of its Netverify® solution by more than 400 percent compared to the same quarter last year. This represents the second quarter out of the last three where the company increased sales by more than 400 percent and the fifth consecutive quarter of increased sales.
"The increasing reality of online fraud and well-publicized data breaches underscores the need to definitively establish someone's online identity, an issue which has never been more challenging or important," said Steve Stuut, CEO of Jumio. "Making matters worse, traditional methods of identity verification, such as knowledge-based authentication, are increasingly being exploited with weak or compromised credentials. As a result, more businesses are turning to biometric-based, online identity verification solutions that balance security, speed and the user experience."
According to a recent Cifas' "The Fraudscape" report, online retail fraud rose 49 percent last year. Identity fraud "remains a predominantly internet-based offense, with 84 percent of identity fraud occurring through online application channels." This growth has helped fuel the continued momentum for online identity verification as Jumio reports its strongest quarter in company history, including these notable milestones:
- Five Straight Quarters of Sales Growth: Jumio grew sales eight of the past nine quarters demonstrating the growing traction for its online ID and identity verification solutions.
- Custom UI Functionality: In Q1, Jumio launched its new native mobile SDK for iOS and Android that enables customers to fully customize and rebrand the online ID and identity verification experience. The SDK empowers organizations to modify the look and feel of the screens, including the colors, the text, the buttons and even the number of screens included in the user journey.
- AsiaPac Expansion: Jumio hired Frederic Ho as VP of AsiaPac and launched its new Singapore sales office to serve the growing demand for the region's online digital identity verification services to help banks, financial services and online gambling companies efficiently comply with AML and KYC regulations.
- Industry Recognition: In March, Info Security Products Guide, the industry's leading information security research and advisory guide, named Jumio's Netverify® solution a winner in three categories as part of the 14th Annual 2018 Info Security PG's Global Excellence Awards®. Netverify was awarded gold in Identity Management, silver in Enterprise Mobile Threat Defense and bronze in Fraud Prevention. Jumio was also named the 2017 Tech Trailblazer Award winner in the "Mobile" category and named one of the 2018 Best Places to Work in Financial Technology by American Banker and Best Companies Group.
For live demonstrations of the Netverify ID, Identity and Document Verification solutions, visit Jumio at the American Banker's Digital Banking 2018 show next month in Austin, Texas.
When identity matters, trust Jumio. Jumio is the creator of Netverify® which enables businesses to increase customer conversions while providing a seamless customer experience and reducing fraud. By combining the three core pillars of ID Verification, Identity Verification and Document Verification, businesses now have a complete solution that allows them to establish the real-world identity of the consumer.
Leveraging advanced technology including augmented AI, biometric facial recognition. machine learning, and human review, Jumio helps organizations to meet regulatory compliance including KYC, AML and GDPR and definitively establish the digital identity of its customers. Jumio has verified more than 120 million identities issued by over 200 countries from real time web and mobile transactions. Jumio's solutions are used by leading companies in the financial services, sharing economy, cryptocurrency, retail, travel and online gaming sectors. Based in Palo Alto, Jumio operates globally with offices in the US, Europe, and Asia Pacific and has been the recipient of numerous awards for innovation. For more information, please visit www.jumio.com.
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Jumio Corp. via Globenewswire
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