Jumio has raised USD 35.4 million so far. Other Jumio investors include Andreessen Horowitz and Eduardo Saverin, co-founder of Facebook. The size of Citi Ventures’ investment is not being disclosed.
Jumio’s first product dubbed Netswipe, has been launched in Europe in 2011 and allows e-commerce website owners and internet retailers to process online and mobile payments by having customers ‘swipe’ their credit cards using virtually any webcam. Basically, the webcam uses Jumio’s patent-pending technology to scan and read the card to enable payments. To complete a transaction, consumers have to hold their credit card in front of their webcam. The credit card details will be recognized and verified. Credit card info is streamed to Jumio’s servers.
Jumio will be announcing additional commercial deals with customers in the US and Asia later in 2012.
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