Jumio, the creator of Netverify® Trusted Identity as a Service (TIaaS), dominated the identity verification space with momentous growth in FY 2016, ending Q4 at 49 percent growth year-over-year, the largest in the company's history, and with revenue growth of 44 percent in annual recurring revenue (ARR) year-over-year. Jumio also saw deeper penetration with enterprise customers, counting three of the top 10 U.S. unicorn companies with revenue over $5 billion as part of its expanding customer base. In addition, Jumio continues to be the de facto standard in identity verification, growing to complete 50 million identity verification transactions globally.
The cost of fraud climbed to $16 billion in 2016, a 16 percent increase over the previous year, according to a study conducted by Javelin Strategy & Research. To answer this growing challenge, Jumio debuted new innovations for its Netverify® Trusted Identity as a Service in 2016, adding biometric facial recognition to help businesses verify that customers are who they say they are. In addition, the company has just announced Netverify Document Verification to extract and compare names and addresses from secondary documents such as utility bills and bank statements. These solutions, combined with Face Match and ID verification, provide companies a proven, multi-pronged approach for identity verification that helps satisfy Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, and ensures the physical identity matches the real-world identity.
"Companies must have a fully-proven model designed for the demands of doing business in a digital world," said Stephen Stuut, CEO, Jumio. "Our record growth and 50 million identity verifications is an order of magnitude above the competition, outperforming in one day what the closest competition does in a year. With Jumio now emerging as the clear leader in this space, Jumio's Netverify Trusted Identity as a Service is redefining what companies require to reduce the risk of fraud and provide a safe, secure, and exceptional customer experience."
Jumio's Trusted Identity as a Service combines technology, automation, and identity experts to provide the highest level of accuracy and fraud detection without falsely rejecting potential customers that are so critical for expanding businesses. With Netverify Trusted Identity as a Service customers have a complete identity verification solution that can be tailored to fit their specific business requirements.
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