SAN JOSE, Calif.--(BUSINESS WIRE)--Zumigo, Inc., the leader in mobile identity authentication, today announced record growth in its business since launching the privacy compliant zero knowledge Zumigo Assure Identity platform in 2021, followed by the launch of Zumigo deRiskify in 2022. Zumigo has experienced 100% growth during the period in all aspects of its business – including number of mobile identity verification transactions, number of mobile operators and users supported globally, number of employees supporting the business, and most importantly its financial metrics.
The growth in sales has been driven by the wide-spread consumer adoption of using mobile numbers as a unique identifier when interacting with businesses online. In today’s mobile-first environment, where mobile devices are often used to access digital accounts via the mobile web browser and app, ensuring that the mobile number and associated identity belongs to the actual user is the first step in preventing online fraud.
“Zumigo is at the forefront of preventing the risk of fraudulent mobile identity use,” said Chirag Bakshi, CEO of Zumigo. “We have seen a surging demand for Zumigo’s solutions because the number of online activities and transactions are growing rapidly, resulting in rampant fraud and identity theft. Businesses and operators select Zumigo for real-time digital identity intelligence to prevent fraud and reduce false positives.”
The Zumigo platform leverages real-time mobile account information and a unique identity network for Know Your Customer (KYC) verification and risk assessment, including preventing mobile hijacking. Businesses are instantly presented with a trust score of the user based on fraud and risk indicators during account origination and log-in. With this score, businesses can decide whether to approve a new credit card application, fulfill an online transaction, or open a new online user account.
Since the launch of Zumigo deRiskify in March 2022 – the application available on Shopify to help merchants detect fraud from online purchases made by consumers – additional products have been introduced. In Q3 2022, Zumigo launched two new functionalities in Zumigo Assure Identity – the first one tracks the risk profiles of mobile phone numbers and the second one verifies the validity of an email address while providing risk insights associated with it. In Q4 2022, Zumigo launched a new Zumigo Assure Authentication functionality that leverages cryptographic authentication of the device to establish trust between the user and the mobile app. In addition, Zumigo has expanded international coverage to include Europe and Latin America.
“Our business is growing rapidly because we are bringing the right solution to the industry and protecting businesses from costly fraud without adding friction to the user experience,” said Bakshi. “Our partners and customers are driving value in reduced fraud across their businesses. Zumigo has already established a strong foothold in the financial industry, and we are seeing new surging demand in retail, healthcare, insurance, and other sectors. In the coming months, we will launch more products and features to further meet the needs of these industries accordingly.”
Zumigo is on the frontline of digital identity verification that helps the world’s largest enterprises secure transactions, devices and accounts. With a multi-layer approach, Zumigo validates users against a unique digital identity intelligence network that spans global carrier providers, third-party data sources, and payment information. Zumigo supports over 800 mobile operators, verifying over 4 billion mobile numbers globally with services reaching 180 countries. Zumigo is led by a team of industry veterans and is backed by some of the leading venture capitalists, including Aligned Partners, Wells Fargo Ventures, Intel Capital, and Capital One Growth Ventures. Learn more at www.zumigo.com.
Zumigo, Zumigo Assure Identity, Zumigo Assure Authentication and Zumigo deRiskify are registered trademarks of Zumigo, Inc.