The Future of Digital ID Verification is here: Jumio and in the beginning of 2017 continued to progress identity verification with the first mobile and web document verification solution known as Netverify Document Verification. It solves the current error-prone and expensive manual processes businesses use to compare and extract names and addresses from other documents like bank statements and utility bills to meet the terms of Know Your Customer and Anti-Money Laundering requirements. Jumio’s Netverify® as a Service was honored as a winner in 5th yearly 2017 Cyber Defense Magazine InfoSec Awards given in February 2017.
Andreessen Horowitz-funded online and mobile credentials authentication business known as Jumio, whose technology can read and scan information from IDs and payment cards, say that its business has arisen in U.S. which will let it sell the assets. The company is trying to sell its business to Facebook co-founder and early backer Eduardo Saverin.
Saverin has formed an entity known as “Jumio Acquisition” to purchase these assets and is providing the startup with US$3.7 million in financing for maintaining its ongoing operations. Jumio says that it reached that point because it was incapable to secure extra funding because of “certain legitimate issues combined with government related proceedings and investigations but didn’t go into additional detail.
The US$3.7 million, in the meantime, is being provided as financing for “debtor-in-possession” at a 4% rate per annum, verified by a company announcement as they announced that The Future of Digital ID Verification is here: Jumio. This will let Jumio continue their operations throughout the sale process. However, an agreement for asset purchase is subject to better deals, so it isn’t guaranteed that Jumio Acquisition would prevail until auctions that are supervising by the court completes.
Non-U.S. subsidiaries of Jumio aren’t included in court filings but would be a part of the sale of business. The orderly and fair process announced today would let the new management of Jumio and its employees to carry on to serve its top-tier customers and to realize the potential of a company. With the future operations of the company in good hands, Acquisition team of Jumio is pleased to make that stalking horse bid to simplify an orderly conversion to Jumio’s promising future.