Jumio

Jumio
Private
Industry Credentials management
Founded 2010
Headquarters Palo Alto California, USA
Key people
 Stephen Stuut (CEO); Daniel Mattes (Founder, former CEO)
Website www.jumio.com

Jumio is an online mobile payments and identity verification company that provides ID scanning and validation products for mobile and web transactions.[1] The company provides card and ID scanning technology.[2]

History

The company was founded in 2010 by Daniel Mattes, who served as CEO until he resigned in April 2015 in conjunction with an internal board investigation.[3] In December 2015, Jumio informed its investors that financial results from 2013 and 2014 would be re-stated. The company offered its investors additional warrants in the company in exchange for signing a settlement agreement.[4]

In March 2016, the company declared bankruptcy and reached an agreement to sell its assets to one of its investors, Facebook co-founder Eduardo Saverin, who provided $3.7 million in debtor in possession financing . The company stated that "Certain legacy issues combined with related government investigations and proceedings have made it difficult for Jumio to secure necessary funding for its operations." and as a result was entering Chapter 11 bankruptcy proceedings.[5] Over its history, the company raised $36.7 million from investors including Citi Ventures, Andreessen Horowitz and others.[6]


In March 2016 Jumio filed for Chapter 11 bankruptcy.[7] Eduardo Saverin's stalking horse bid for the assets of the company is proceeding, although there have been some objections from other equity holders.[8]

References

  1. ↑ Perez, Sarah. "Jumio Turns Webcams Into Credit Card Readers, on Desktop and Mobile". New York Times. Retrieved 12 November 2013.
  2. ↑ Wauters, Robin. "Jumio debuts real-time ID verification solution Netverify for Android apps". The Next Web. Retrieved 12 November 2013.
  3. ↑ http://fortune.com/2015/06/24/exclusive-jumio-swaps-ceos-after-examining-its-books/
  4. ↑ http://blogs.wsj.com/digits/2015/12/24/jumio-restates-financial-results-for-2013-and-2014/
  5. ↑ https://www.jumio.com/2016/03/jumio-announces-sale-of-business/
  6. ↑ https://www.crunchbase.com/organization/jumio#/entity
  7. ↑ http://www.reuters.com/article/us-jumio-bankruptcy-idUSKCN0WN1Z6
  8. ↑ http://www.newschannel10.com/story/31671156/jumio-files-revised-procedures-for-court-supervised-auction-process
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