Digital identification firm Jumio has announced a $150 million Series B funding round.

The investment was led by Great Hill Partners, which last year acquired Notonthehighstreet.

Jumio said that the round would allow it to fuel growth of solutions for the identity verification and fraud detection market, which is expected to reach $12.8 billion by 2024.

Founded in 2016, Jumio has launched a suite of AML compliance services and automated identity verification solutions, which it provides to financial services organisations including Monzo and HSBC.

Robert Prigge, chief executive of, Jumio said the round “represents the single largest funding round in the digital identity space and speaks to the global importance of establishing a user’s identity remotely to defend against fraud and financial crime, comply with KYC and AML regulations and boost online conversions.

“Great Hill has deep growth investing experience across the cybersecurity, compliance and financial technology sectors, having scaled and added value to a range of tech-enabled companies. The digital identity space and only getting hotter. 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.”

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