San Francisco, California-based Juvo Mobile, a start-up which develops mobile identity scoring, has secured $40m in Series B funding from New Enterprise Associates (NES) and Wing Venture Capital.
The investment round also saw participation from its existing investors and SignalFire.
Juvor will use the new funding to expand its operations across the world, with particular emphasis on Asia, Latin America and Europe. The funding will also be utilised to broaden its suite of financial service solutions for the financially excluded.
Juvo said that it is on a mission to establish financial identities for billions of people, who are creditworthy. The company plans to achieve this partnering with mobile operators and financial institutions around the world.
The process followed by Juvo includes the use of algorithms based on data science to identify prepaid subscribers who were previously anonymous. The start-up opines that this process allow those subscribers to build financial identities and obtain access to basic financial services.
Juvo CEO Steve Polsky said: “It has been an exciting ride to date, surrounded by passionate people who believe deeply in Juvo’s mission. T
"his 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.”
Presently, Juvo has teamed up with seven mobile operators worldwide, with a reach of more than 500 million subscribers across 25 countries in four continents. Since September 2016, Juvo has expanded its global reach five times.
Former CEOs of AT&T Wireless, NYSE, Sprint, Telefonica International and Vodafone Group are the among the early investors in the company.
Wing founding partner Peter Wagner said: “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.”
Image: Juvor will use the new funding to expand its operations across the world. Photo courtesy of mapichai/FreeDigitalPhotos.net.