Jumio to develop ID solutions with Monzo

26/06/17

Identity as a Service firm Jumio has announced a partnership with Crowdcube alum and challenger bank, Monzo, related to identity verification for new and existing customers.

The duo revealed that Monzo will be using Jumio to help verify customers who are moving from its prepaid car service to a full current account. This will enable the bank to comply with Know-Your-Customer (KYC) requirements while removing time-consuming manual verifications from Monzo Employees. Jumio’s services will also be used to verify existing prepaid card consumers and new customers signing up for the Monzo’s current accounts.

Robert Prigge, CRO at Jumio, stated:

“Jumio is already being used by top European banks and our new partnership brings instant, trusted identity verification to the UK’s leading new challenger bank while supporting its growth by enabling trusted verification of existing and new customers to meet KYC compliance. Our identity verification leads the market with measures supported by advanced hybrid technologies, including Biometric Facial Recognition and Face Matching, to prove that customers are genuine.”

Natasha Vernier, Head of Fraud at Monzo, added:

“Our mission is to build a current account for a billion consumers. Working in partnership with Jumio, we’re now able to provide instant verification to ensure those using our bank enjoy the fast and secure service they expect in every other aspect of life.”

Monzo raised funding on Crowdcube in March 2016. This earlier crowdfunding round secured £1 million in just 96 seconds as demand quickly outstripped the offer. Monzo (at one point in time operating under the name Mondo) has now raised £35 million in growth capital. The challenger bank is raising a total of £22 million in the Series C investment round, including a £19.5 million investment from Thrive Capital, £5 million from Passion Capital and £1.5 million from Orange Digital Ventures, along with the latest £2.5 million Crowdcube investment.

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