US-based identity verification and eKYC solutions provider Jumio has secured an investment of $150m from Great Hill Partners.

The investment will enable Jumio to expand its newly launched KYX Platform and strengthen its AML compliance services suite.

According to Jumio, the growth capital represents the single largest funding round in the digital identity space.

Great Hill Partners Nick Cayer said: “Jumio has established itself as the de facto global leader in online identity verification, fraud detection and compliance.

“Organisations must digitally transform their onboarding, KYC and AML monitoring processes, which have become even more vital as the volume of online and mobile payments reaches historic highs.

“We’re impressed with this team, the company’s robust growth over the last year, its global coverage and the global market opportunity.”

Based in Palo Alto, Jumio achieved record revenues last year. It launched the KYX Platform in September 2020 and also acquired Beam Solutions’ AML platform later that month.

Jumio KYX Platform provide identity proofing and AML services. It can be used during customer onboarding as well as detect identity-related fraud signals.

Jumio CEO Robert Prigge said: “Jumio’s innovations helped establish the identity verification market, and the need to establish someone’s digital identity remotely has never been greater.”

The company counts several financial institutions as its clients.

Last year, UK-based challenger bank Lanistar tapped Jumio to streamline the customer onboarding process.