Payment Startup Jumio Lands $25.5M in Funding
Image technology and payments startup Jumio announced today it closed $25.5 million in Series B funding.
The funding round was led by Andreessen Horowitz. Scott Weiss, general partner of the venture capitalist firm, has joined Jumio’s board of directors as a result of the deal.
Jumio says it will use the new funding for team growth and product development.
Jumio is the creator of Netswipe, an application that allows merchants to accept credit card payments via webcam or mobile phone. In other words, a mobile or online consumer can make a payment to a merchant by holding his credit card in front of a webcam. Jumio says that details are not stored on a computer. The aim of the technology is to reduce friction for online and mobile merchants’ sales as consumers are saved from manually entering in their credit card data.
In a blog today, Weiss touts the venture’s success:
“The customer uptake has been spectacular: The company is on track to exceed a $100 million run rate this year.”
Also in the announcement, Jumio gave some ink to Netverify, a new online merchant product that turns a camera into an ID reader. Jumio blogged on the new U.S. offering today:
“It is the easiest way for website owners to confirm a customer’s identity in real time. Netverify eliminates the need for consumers to scan and fax copies of their ID. Instead, they simply hold their ID up to a camera (webcam, mobile phone, tablet), Netverify scans it and the merchant gets an instant verification. Netverify is designed as a stand-alone tool when an online identification of a user is necessary or as back-up security measure in the sensitive online payment space”
When Bank Innovation first shared a video on Jumio last July, you, dear members, weren’t so impressed with the innovation. Questions ranged from what sets Jumio apart to what value is it bringing to consumers. Read your fellow members’ concerns here.
Card.io is another company that competes in the space.
