Jumio said the bankruptcy is inevitable because they were unable to secure other funds due to certain legacy issues along with some government investigations and proceedings.
Eduardo Saverin created an entity called 'Jumio Acquisition' to buy the assets and also provides the startup with USD 3,7 million as debtor-in-possession, to support its ongoing operations.
The company provides mobile and online credentials authentication services, which allow customers to keep their payment card or ID to a webcam or mobile phone’s camera to instantly have their card identified or the credentials validated. Saverin said Jumio will continue to serve its main customers, like United Airlines, Airbnb, EasyJet, Gyft, Mr. Green and betfair.
Actual events or results might differ materially from those in any forward-looking statement due to various factors, including the terms and conditions of any reorganization plan that is ultimately approved by the US Bankruptcy Court.
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