Overview

Jumio has had massive growth this year, as it has expanded its digital identity verification products, services and global footprint. In fact, Jumio’s sales have grown for eight straight quarters.

In 2018, Jumio surpassed the 150 million identities verified benchmark, which gives a significant competitive advantage when it comes to machine learning. The larger the data set is, the smarter the algorithms work. Jumio’s machine learning algorithms have helped improve the speed and accuracy of online verification. Jumio’s AI models have reduced the average customer transaction time by 7 percent, with more significant reductions planned.

Jumio launched Jumio AI Labs in September 2018 in Montreal to accelerate its continuous investment in artificial intelligence and machine learning. Jumio AI Labs is dedicated the creation, experimentation and execution of machine learning and deep learning technologies.

This year, Jumio expanded into the Asia Pacific region when it opened an office in Singapore, which supports the growing demand for online digital identity verification services by banking, financial services and online gaming companies. This expansion fueled record sales growth in the APAC region, expanding over 531 percent over the previous quarter. Overall, Jumio’s revenue almost tripled in 2018 thanks to geographic expansion, product evolution, and continued penetration within enterprise accounts (across a variety of emerging use cases).

Jumio supports some of the largest organizations in the sharing economy (Airbnb), digital banking (Monzo), travel (United Airlines), online gaming (betfair) and digital currency (Coinbase) sectors and is rapidly growing as more companies seek Jumio’s help to operate a secure, successful business online. Jumio is the global leader in identity verification and it performs close to 300,000 verifications per day. Over the last 12 months, Jumio approved 99.97 percent of valid transactions and rejected 91.64 percent of invalid or fraudulent transactions.