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 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
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- ↑ http://fortune.com/2015/06/24/exclusive-jumio-swaps-ceos-after-examining-its-books/
- ↑ http://blogs.wsj.com/digits/2015/12/24/jumio-restates-financial-results-for-2013-and-2014/
- ↑ https://www.jumio.com/2016/03/jumio-announces-sale-of-business/
- ↑ https://www.crunchbase.com/organization/jumio#/entity
- ↑ http://www.reuters.com/article/us-jumio-bankruptcy-idUSKCN0WN1Z6
- ↑ http://www.newschannel10.com/story/31671156/jumio-files-revised-procedures-for-court-supervised-auction-process
