Kicking off the new year with a fresh wad of cash: according to an SEC filing, mobile and online payments startup Jumio has raised $25.5 million in funding on top of the $6.5 million it raised from Facebook co-founder Eduardo Saverin – and others – back in March 2011.
Jumio confirmed the financing round but declined to provide more details (which investors participated and what they plan to use the additional capital for) at this time.
The startup’s twist on helping e-merchants process card payments digitally is to leverage webcams (and smartphone cameras) to read credit cards rather than making people enter their details or swiping their cards. Its solution, called Netswipe, in other words turns phone cameras and webcams into credit card readers.
Good to see a European entrepreneur swing for the fences once more.
Jumio® Inc. offers next generation online and mobile credit card payments validation and ID verification products for e-tailers, financial institutions, online marketplaces and governmental agencies. Designed to increase revenue, reduce fraud, and streamline customer experiences, Jumio utilizes patent-pending computer vision technology to validate and facilitate transactions while providing unprecedented levels of consumer convenience and data security. Jumio’s core vision technology is currently applied in two product lines: Netswipe® supports real-time credit card scanning and validation in online and mobile checkouts. By...