Identity verification provider Jumio has secured a $150m investment from private equity firm Great Hill Partners, which it plans to use to improve its verification services.
With this contribution, Great Hill Partners’ Nick Cayer and Matt Vettel will join Centana Growth Partners and Millennium Technology Value Partners as members of Jumio’s Board of Directors.
The investment will allow Jumio to direct resources to its identity verification automation solutions, expand the Jumio KYX Platform and grow its suite of AML compliance services.
“Jumio has established itself as the de facto global leader in online identity verification, fraud detection and compliance,” Cayer said.
“Organizations must digitally transform their onboarding, KYC and AML monitoring processes, which have become even more vital as the volume of online and mobile payments reaches historic highs. We’re impressed with this team, the company’s robust growth over the last year, its global coverage and the global market opportunity.”
Great Hill has investment experience across the cybersecurity, compliance and financial technology sectors, having scaled and increased the value of tech-enabled companies including AffiniPay, Confirmation, and MineralTree.
“Jumio’s innovations helped establish the identity verification market, and the need to establish someone’s digital identity remotely has never been greater,” said Jumio CEO Robert Prigge.
“Nick, Matt and the Great Hill team bring tremendous expertise and a strong track record of innovation and strategic leadership, so we are excited to partner with them as we continue to scale.”
The business said it received record revenue and customer volume in 2020.