Jumio, an online payment and image recognition company from Jajah founder Daniel Mattes, has pulled in a strategic $3.3 million investment from Citi Ventures, just a couple months after raising a $25 million round from Andreessen Horowitz. The company has been one of the leaders in using a camera to scan credit cards and identification cards, enabling secure online transactions and ID verification.
While Jumio is not disclosing the exact size of the investment, VentureWire pegged it at $3.3 million for a valuation of $130 million. The investment by a major bank suggests Jumio is making good headway with its payment product. Jumio and Citibank have been reportedly working on at least four initiatives since last fall. The money comes in advance of a big expansion in Asia and Australia later this week, said VentureWire.
To date, Jumio has raised $35.4 million including a $6.5 million round in March of last year led by Facebook co-founder Eduardo Saverin. Citi Ventures’ managing director Ramneek Gupta is joining Jumio’s board of directors as an observer.
Last summer, Jumio introduced its Netswipe technology, which allows online retailers to easily process a debit or credit card payment by having a user just hold up their card to their webcam. Jumio has expanded the Netswipe technology to mobile with an SDK for iOS and Android. The company has also released Netverify, which allows website owners to confirm someone’s identity by having them scan their ID card with their webcam. Jumio now has more than 1,500 online customers.
With the latest rounds of funding, the Mountain View, Calif.-based company will be expanding its staff of 60 employees to more than 100 workers by the end of this year. The company’s move into mobile products pits it against Card.io, whose mobile credit card scanning technology has been winning customers like PayPal and LevelUp. The card-scanning technology is interesting in that it provides an easy way for people to enter in credit card information. That’s one of the hold-ups for many transactions and leads to a lot of abandoned purchases.