Jumio saw an 87 percent year-over-year increase in sales for Q2, the company has announced.
In a statement, Jumio attributed the jump primarily to its activities in the financial services sector, especially with respect to “large sales to major US banks, cryptocurrency exchanges, and payment platforms.” Jumio’s solution, which leverages facial recognition, eye tracking, and document reading to enable mobile identity verification, evidently holds strong appeal to financial organizations seeking to do more business via customers’ smartphones and tablets; and the company says that its technology has helped clients to “convert more than 100 percent more customers on a daily basis than at the close of 2016.”
The growth in sales continues a trend Jumio reported for Q1, when the privately held company saw a 47 percent year-over-year increase in annual recurring revenue. Commenting further on the strong performance, CEO Steve Stuut credited the “completely new energy level and commitment to success” of the company’s new executive team and ownership after it was acquired by Centana Growth Partners less than a year ago, in addition to Jumio’s “exceptional employees.”
Going forward, the company has announced it is opening a new Wall Street office just a block away from the NYSE in order to better serve the US financial services market.