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Few of the security features designed to prove a credit card's validity in the physical world work well online. Jumio, a startup, aims to change that.
July 26
Payments technology company Jumio has secured an additional round of funding led by a division of Citigroup (NYSE: C).
Citi Ventures provided an undisclosed amount in a Series B investment to the company and its managing director, Ramneek Gupta, has joined Jumio's board as an observer. To date, Jumio has raised $35.4 million from investors that also include Facebook cofounder Eduardo Saverin and venture capital firm Andreessen Horowitz, the Mountain View, Calif., company said Thursday.
In July, Jumio launched Netswipe, which uses a computer's webcam to verify that a shopper is in possession of a legitimate payment card before allowing a transaction to occur. The company is also offering Netverify, which turns a camera into an ID reader.
Jumio has recently announced a string of customer deals with a transaction volume of $154 million and said that additional commercial agreements with customers in the U.S. and Asia will be unveiled later this year.
