Jumio
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Jumio was a Sunnyvale, California-based online identity verification company founded in 2010 by Daniel Mattes and backed by Andreessen Horowitz and Facebook co-founder Eduardo Saverin. It offered card and ID scanning and validation products for mobile and web transactions under the brand 'Netverify Trusted Identity as a Service' — pioneering the 'selfie + ID' approach to remote identity verification, plus transaction monitoring and anti-money-laundering services. Clients included United Airlines, Airbnb and easyJet. It filed for Chapter 11 bankruptcy protection in March 2016 but was acquired out of bankruptcy and continues to operate.
02 / Jumio FAILURE REASONS
Failure reasons
Jumio's new leadership inherited trouble: founder Daniel Mattes resigned in 2015 after an internal board investigation, and government investigations into financial irregularities and stock sales by former management left the company unable to raise funding for its operations. 'This has left Jumio with few alternatives,' CEO Stephen Stuut said in the Delaware court filing, prompting the decision to sell most assets under a Chapter 11 restructuring.
03 / EVENT HISTORY
Events in the structured record
- Company founded
Jumio was founded.
- Bankruptcy
Jumio entered bankruptcy.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
In March 2016 Jumio filed for Chapter 11 bankruptcy protection for its US business and initiated an asset sale; it listed assets of $1–10 million and liabilities of up to $50 million (Delaware case 16-10682).
- 02
Facebook co-founder Eduardo Saverin made a $22.6 million stalking-horse bid through Jumio Acquisition LLC and offered $3.7 million in financing.
- 03
The sale was agreed in early May 2016 with Centana Growth Partners (not Saverin).
- 04
In August 2016 Jumio raised $15 million from Centana and Millennium Technology Value Partners to demonstrate it was back on track, and went on to raise $150 million from Great Hill Partners in March 2021.