Jumio Receives Strategic Investment Led by Citi Ventures

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The FINANCIAL — Mountain View and Palo Alto, California – Jumio, the fast-growing payment and online ID verification company, today announced an additional strategic Series B investment led by Citi Ventures, a unit of global financial services company Citi.

 

According to Citigroup, the company also announced that Ramneek Gupta, Managing Director at Citi Ventures, joined Jumio's board of directors as an observer. The size of Citi Ventures' investment is not being disclosed.

Jumio has raised $35.4 million to date. Other Jumio investors include Andreessen Horowitz and Eduardo Saverin, co-founder of Facebook.

Jumio's patent-pending Netswipe solution turns any camera on a desktop, laptop or mobile phone into a secure credit card reader, allowing merchants to easily and efficiently accept online and mobile payments. Netverify, built with the same patent-pending technology as Netswipe, turns any camera into an ID reader. It is an easy and innovative way for website owners to confirm a customer's identity in real time. Jumio launched Netswipe and Netverify last year and recently announced a string of customer deals covering transaction volume of $154 billion.

"We are proud to have the trust and confidence of a major global bank," said Daniel Mattes, founder and CEO of Jumio. "Citi saw a lot of potential for Jumio to innovate in the payment space. We look forward to further collaboration with Citi from a business development perspective."

"The Jumio team's innovative solutions for remote authentication caught our attention as soon as we heard about them," said Citi Ventures' Ramneek Gupta. "We believe their solutions have the potential to help the online and mobile banking industry overcome key challenges related to fraud and identity theft."

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"Like Citi, Jumio is working to make remote payments easier and safer for both consumers and merchants," added Christopher Kay, Global head of Ventures and Incubations at Citi Ventures, "and we are excited to work with the company in developing these leading-edge capabilities."

Jumio will be announcing additional commercial deals with customers in the U.S. and Asia later this year.

 

 

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