Jumio
| Company type | Private |
|---|---|
| Industry | Identity verification, Mobile payments |
| Founded | 2010 |
| Founder | Daniel Mattes |
| Headquarters | Sunnyvale , United States |
Key people | Stephen Stuut (CEO) |
| Products | Netverify Trusted Identity as a Service |
| Parent | Centana Growth Partners |
Jumio is a privately held company located in Sunnyvale, California, that focuses on identity verification through card and ID scanning technology designed for both mobile and online transactions. Its suite of solutions, branded as "Netverify Trusted Identity as a Service," facilitates secure payment processing and identity authentication on digital platforms.
History
Established in 2010 by Daniel Mattes with financial support from investors such as Andreessen Horowitz and Eduardo Saverin, Jumio underwent significant leadership shifts after Mattes stepped down in 2015 amid an internal board inquiry. In 2016, Stephen Stuut was appointed CEO, coinciding with Jumio’s Chapter 11 bankruptcy filing and acquisition by Centana Growth Partners. That same year, the company obtained $15 million in investments from Millennium Technology Value Partners alongside Centana Growth Partners.
By March 2021, Jumio had successfully raised $150 million, growing its verification platform to encompass more than 300 million identities. The firm received the "Best Fraud Prevention Solution" accolade at the 2023 Tech Ascension Awards.
Legal Battles
After the bankruptcy proceedings, a shareholder initiated legal action against Eduardo Saverin—one of the primary investors—and former executives, alleging financial mismanagement; however, a representative for Saverin dismissed these accusations as baseless.
In 2019, the Securities and Exchange Commission charged ex-CEO Daniel Mattes with investor fraud. He agreed to pay over $17 million following findings that he had substantially inflated Jumio’s revenue figures for 2013 and 2014 while secretly offloading $14 million worth of personal shares to investors. The company amended its financial statements in 2015 before filing for bankruptcy in 2016.
Additionally, former CFO Chad Starkey settled with the SEC for around $420,000 due to his role in the misconduct. In 2023, Jumio became subject to litigation concerning its biometric verification services provided to Binance, accused of breaching Illinois' Biometric Information Privacy Act by collecting and retaining biometric data without proper authorization. A judge denied Jumio’s motion to dismiss this lawsuit.
Awards
Jumio was honored with the Gold IT World Award in 2021 and received recognition at the 2024 Globee Awards for Cybersecurity, highlighting its AI-driven identity proofing and verification technology.