Mobile identity firm Juvo scores with $40m in new funding
In a round led by New Enterprise Associates (NEA) and Wing Venture Capital, mobile identity scoring specialist Juvo has raised $40 million in new funding, reports Finovate (Banking Technology‘s sister company).
The Series B, which featured participation from SignalFire and other existing investors, takes the company’s total funding to $54 million. Juvo will use the funds to drive global expansion, especially in Asia, Latin America, and Europe. The additional financing will also help Juvo grow its product offerings for the financially underserved.
“It has been an exciting ride to date, surrounded by passionate people who believe deeply in Juvo’s mission,” Juvo CEO Steve Polsky says. “This new funding will allow Juvo to expand and deepen our product offerings as well as continue to build the best in class teams in data science, financial services, and consumer mobile services.”
Juvo works by teaming up with mobile phone operators and financial institutions to enable members of underserved communities to build financial identities. The company’s technology uses credit algorithms based on advanced data science to find creditworthy individuals among what Polsky says are the “two billion underbanked people in the world – most of whom have a mobile phone” and to ensure their access to financial services.
Juvo has been a beneficial partner, as well, helping its operators lower churn by 50% or more, increase average revenue per user (ARPU) by up to 15%, and realise an average increase in subscriber lifetime value of 65%.
Juvo demonstrated its identity scoring technology at FinovateFall 2016. Headquartered in San Francisco and founded in 2014, Juvo is currently operating in 25 countries on four continents.
Juvo added Prosper president Ron Suber as strategic advisor in May and, last autumn (fall), the company partnered with Cable & Wireless to bring mobile credit services to customers in the Caribbean.
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