PALO ALTO, Calif., Jul. 10 (Korea Bizwire) — Jumio, the leading AI-powered trusted identity as a service provider, today announced its best sales quarter in company history, ending June 30, 2018, representing a 269 percent increase in sales over the same quarter last year. The results were fueled by record sales growth in the Asia Pacific region, which grew 531 percent over the previous quarter.
“We’re thrilled that within three months of opening our Singapore office, Asia Pacific has already generated so much in sales and has seen such wide adoption,” said Steve Stuut, CEO of Jumio. “This type of immediate market traction speaks to the opportunity this region represents and the untapped potential, especially within financial services, enterprise and e-commerce markets.”
The emerging need for reliable digital identity verification, coupled with increasingly stringent data protection and privacy regulations (e.g., GDPR and California Consumer Privacy Act) and the growing realization that traditional authentication methodologies are no longer effective or secure, has caused companies to explore the identity-verification-as-a-service market.
According to a market study by McKinsey, the emerging identity-verification-as-a-service market is close to $10 billion and predicts it will grow to a $16-20 billion market by 2022. McKinsey reports, “Identity verification-as-a-service offers a way for e-commerce providers to outsource the verification function to providers with the necessary scale and security to accomplish sensitive transactions quickly, safely, and efficiently.” In fact, the Asia Pacific market is growing almost 50 percent faster than the North America and Western European markets because of the higher volume of digital transactions that require online identity verification.
Increased awareness and familiarity with identity verification has helped fuel Jumio’s continued momentum as the company reports its strongest quarter in company history, including these notable milestones:
- Six Straight Quarters of Sales Growth: Jumio grew sales nine of the past ten quarters, demonstrating growing traction for its online ID and identity verification solutions. Its focus on compliant machine learning, leading-edge identity proofing technologies, and a customer-centric mentality have helped Jumio set the bar for online identity verification accuracy and gain significant market share.
- AsiaPac Expansion: In Q2, Jumio saw its Asia Pacific sales grow significantly and signed two of the largest deals in the company’s history as a result of having a dedicated regional focus, which includes a new Singapore office and expanded sales presence to support the region’s growing demand for online digital identity verification and Know Your Customer (KYC) services.
- Liveness Detection for Web: Jumio launched Liveness Detection for Web to ensure that the online user is physically present during the identity verification process when using their computer’s webcam. This new functionality requires the user to take a picture of themself holding a handwritten note with a custom phrase (e.g. company name) and the current date, to ensure a real person is performing the transaction.
- Executive Hires: In Q2, Jumio hired several new executives to further strengthen its leadership team and support its aggressive growth objectives, including: Miles Hutchinson, Chief Information Security Officer; Mike O’Callaghan,Vice President Global Operations; and Amy Treadwell, Global Vice President of People and Culture. Together, the three new hires bring decades of leadership experience in high-growth SaaS and technology organizations.
- Industry Recognition: Jumio continues to be recognized for its product innovation, including being awarded the Gold winner in Information Security and Risk Management (and Bronze winner for Security Software) in the 13th Annual 2018 IT World Awards®, named Best Product in Biometrics and Hot Company in Fraud Prevention by the 2018 InfoSec Awards, and named the winner in the Best Authentication Technology category by the 2018 SC Awards. Jumio was also included as a Representative Vendor in the “Market Guide for Identity Proofing and Corroboration,” published by Gartner, a leading information technology research and advisory company.
For live demonstrations of the Netverify ID, Identity and Document Verification solutions, visit Jumio at the iGB Live show (Stand T7) this month in Amsterdam.
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 their 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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A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/d1c780f4-0c16-40b0-acea-f900be5545a4
Source: Jumio Corp. via GLOBE NEWSWIRE