Citi Ventures invests in tech company Jumio
May 11, 2012 04:00 PM
Yesterday, Citi Ventures announced its investment in Jumio, a fast-growing payment and online ID verification company. Jumio's patent-pending Netswipe solution turns any camera on a desktop, laptop or mobile phone into a secure credit card reader, allowing merchants to easily and efficiently accept online and mobile payments. Netverify, built with the same patent-pending technology as Netswipe, turns any camera into an ID reader. It is an easy and innovative way for website owners to confirm a customer's identity in real time.
Citi's Ramneek Gupta, Managing Director at Citi Ventures, has also joined Jumio's board of directors as an observer. "The Jumio team's innovative solutions for remote authentication caught our attention as soon as we heard about them," said Gupta. "We believe their solutions have the potential to help the online and mobile banking industry overcome key challenges related to fraud and identity theft." Chris Kay, Global head of Ventures and Incubations at Citi Ventures added, "Like Citi, Jumio is working to make remote payments easier and safer for both consumers and merchants and we are excited to work with the company in developing these leading-edge capabilities."
Founder and CEO of Jumio, Daniel Mattes, says Jumio is "proud to have the trust and confidence of a major global bank. We look forward to further collaboration with Citi from a business development perspective."
For more information, visit jumio.com.