After selling Jajah to Telefonica for $207 million in December, Daniel Mattes, the VoIP company’s founder, is onto a new project: online payments. He has started a new company called Jumio, headquartered in Mountain View, Calif. Mattes and the technical team are based in Linz, Austria.
From what we can gather, it appears Jumio is focused specifically on mobile payments, both between individuals and businesses, with an emphasis on removing fraud and ensuring trust. The company is reportedly using authentication technology licensed from two Israeli individuals, and is supposed to launch this fall. We’re not sure if it has outside funding yet beyond what Mattes made from Jajah.
From the company blog, we learn more about the market potential it sees:
- Most individuals can’t accept credit card payments. (This is what Square is working on.)
- Transferring money often requires a bank to be involved. (Companies like Venmo are also working on this.)
- Credit card fraud is an increasing problem, especially when credit cards are not physically present for the transaction. (Some of Paypal’s fraud detection techniques are also based on Israeli technology; it bought the Israeli company Fraud Sciences for $169 million in 1998.)
Jumio created a silly video that (sort of) explains what it does, saying a payment is as simple as a handshake.
For more on mobile payments and an explanation of the many different concepts to which that phrase applies, see a recent extended story I did about the market for our premium research service, GigaOM Pro: A Mobile Payments Glossary.