Juvo, a identity startup helping underbanked customers to access banking, raises $4 million

1 August 2017

Juvo, a San Francisco-based company providing mobile identity analysis services, has reported the $40 million investment raised during Series B round. The fundraising session was led by New Enterprise Associates (NEA) and Wing Venture Capital. The startup’s previous investors also participated in the round, including ex-chief executives of AT&T Wireless, NYSE, Sprint, Telefonica International and Vodafone Group.

Juvo is a startup which appeared on stage last autumn with a view of identification of creditworthy clients thrown overboard the conventional banking environment. To date the startup has successfully secured partnership deals with 7 telecom companies, among which there is Cable & Wireless and Millicom. Juvo uses credit algorithms on the basis of data analysis to establish personal information of the previously unknown customers.

Steve Polsky, chief executive for Juvo, noted that currently there are more than 2 billion customers having little to no access to the banking sector across the globe, and major part of these customers own a smartphone or any mobile device. Juvo brings those people to the financial inclusion identifying them as creditworthy and enables access to financial services for them.

He continues, adding that the company’s activity within these 10 months of operations has been an exciting experience supported by strong confidence of customers in their mission. This funding series will be used by Juvo for further expansion and improvement of their solutions and for building highly qualified teams working in data science, financial services and consumer mobile services.

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