Jumio, the leading provider of AI-powered end-to-end identity verification and eKYC solutions, today announced the largest sales quarter in the company’s history, ending September 30, 2020. Jumio also set an all-time record for verification transactions processed thanks to accelerated digital transformation efforts by key customers in the banking, financial services, healthcare and education sectors.
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In addition to record sales and record volumes, the company also acquired the AML platform from Beam Solutions, a San Francisco-based startup focused on transaction monitoring, case management and AML screening. Beam’s suite of AML solutions will further strengthen the company’s position in the anti-financial crime marketplace and provide organizations in regulated industries a complete end-to-end compliance platform.
“Jumio’s monumental growth is a testament to our mission to make the internet a safer place by protecting the ecosystems of businesses through cutting-edge online identity verification, KYC and AML monitoring services,” said Robert Prigge, Jumio CEO. “We are excited to harness this quarter’s momentum and the Beam acquisition to fuel our next stage of growth as we help organizations know and trust their online customers.”
Other notable achievement in the third quarter included:
- KYX Platform Launch: In September, Jumio launched its KYX Platform, a unified platform that adapts to the unique needs and risks of organizations. The Jumio KYX Platform lets modern enterprises easily verify user identities for onboarding, safeguard existing accounts and mitigate financial crime risk. The platform enables organizations around the globe to manage compliance requirements, such as KYC, AML and GDPR, by providing a layered approach to identity proofing and corroboration.
- Channel Traction: Jumio added a significant number of key channel partners in the third quarter, including Microsoft Azure Active Directory, Oracle Asia, Cognizant and Netpoleon Solution. Collectively, Jumio’s channel contributed more than 20% of third-quarter business.
- Industry Recognition: Jumio was recognized for the third consecutive year as a Representative Vendor in the latest Gartner “Market Guide for Identity Proofing and Attribution.” Jumio was named as a Representative Vendor among several other identity proofing and corroboration providers. “The listed vendors represent what’s core in the market, what extends it and what will transform it,” stated the Market Guide. The Market Guide also included an important strategic planning assumption: By 2022, 80% of organizations will be using document-centric identity proofing as part of their onboarding workflows, which is an increase from approximately 30% today.
- Customer Wins: Jumio signed a number of marquee accounts in Q3 including a leading video-sharing app, a U.S. nonprofit health care system, an Irish retail site, a high-performance blockchain technology company and several large, multi-state community banks.
- Transaction Growth: Jumio processed its single-highest volume of identity verifications in Q3, compared to any other quarter in the company’s 10-year history. This growth was fueled by the COVID-19 pandemic which dramatically accelerated the need for organizations to automate the new account onboarding and KYC processes. The growth has also been driven by enterprises switching from data-centric approaches to document-centric approaches to identity proofing. This exodus was caused, in large part, by large-scale data breaches of personally identifiable information (PII) which have rendered data-centric approaches less reliable.
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