Juvo, a San-Francisco based mobile identity firm has raised $40 million in Series B funding round led by New Enterprise Associates (NEA) and Wing Venture Capital. The funding round also saw participation from SignalFire and other existing investors, that takes the company’s total funding to $54 million.
According to the company, this new investment will enable it to drive global growth and scale, with a particular emphasis on Asia, Latin America and Europe, and broaden its suite of financial service offerings targeting the financially excluded. The company also announced the appointment of Peter Wagner, Founding Partner, Wing, to Juvo’s board of directors.
“Juvo uses the potent combination of data, the mobile platform and the cloud to bring the power of identity to massive untapped markets. We have worked with the Juvo team since their earliest days, and are tremendously excited to see their vision becoming reality around the world,” said Wagner.
Juvo came out of stealth mode 10 months ago, and set on a mission to establish financial identities for the billions of people worldwide who are creditworthy, yet financially excluded. By partnering with mobile operators and financial institutions around the world, it uses data science-based credit algorithms to identify previously anonymous prepaid subscribers, enabling them to build financial identities and gain access to basic financial services.
“Today, there are over two billion underbanked people in the world – most of whom have a mobile phone. Juvo reaches these individuals, identifies them as creditworthy and provides access to financial services,” said Steve Polsky, CEO, Juvo.
“It has been an exciting ride to date, surrounded by passionate people who believe deeply in Juvo’s mission. 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. The addition of NEA to our investors and Peter Wagner of Wing to our board will further drive our commitment to providing financial inclusion for all,” Polsky added.
Juvo currently partners with seven mobile operators around the world, and claims to have a reach of over 500 million subscribers across 25 countries and four continents. Its operator partners have reduced churn by 50 percent or greater, while lifting average revenue per user (ARPU) numbers by as much as 15 percent. Early investors in the company, including the former CEOs of AT&T Wireless, NYSE, Sprint, Telefonica International and Vodafone Group, have each taken part in the latest B round.
“At NEA, we love to partner with companies who are helping to shape the innovation economy. Juvo is doing just that by changing the face of financial services around the globe. Juvo’s solution is not only inventive, but addresses a vital global need while providing distinct value to its partners,” said Scott Sandell, Managing General Partner, NEA.