Jumio, an alternative payment and online ID verification company based in California, has bagged additional Series B investment led by Citi Ventures, the venture capital arm of Citi (view press release). The amount of funding has not yet been disclosed. As part of the deal, Citi Ventures’ MD, Ramneek Gupta, is joining Jumio’s board of directors as an observer.
So far Jumio has bagged USD35.4 million from investors including Eduardo Saverin, co-founder of Facebook, and Andreessen Horowitz. Jumio’s patent pending Netswipe solution turns any mobile phone or computer camera into a credit card reader. Using the same technology, the company’s Netverify solution turns any camera into an ID reader. Jumio launched Netswipe and Netverify last year and recently announced a number of deals totalling USD154 billion of transaction volume.
“The Jumio team’s innovative solutions for remote authentication caught our attention as soon as we heard about them,” said Ramneek Gupta. “We believe their solutions have the potential to help the online and mobile banking industry overcome key challenges related to fraud and identity theft.”
Jumio will be revealing more commercial deals in the US and Asia later this year.