How Jumio CEO Jennifer Harris grew Jumio to $42.4M revenue and 30K customers in 2021.

from Steven St again joined jumio as part of a venture round in 2015 the company was founded in two years prior in 201 13 the company has since raised $60 million helping Drive identity verifications across the sharing economy with the biggest public customer he can articulate being Airbnb they're serving between 350 and 400 paying customers across 40 different countries their team of 1500 is split between San Francisco and India they're growing 46% year over-year currently last year in 2016 they did 26 million identity verifications in a good year in 2017 Steven says he expects that might pass 30 million Steven this is episode 732 coming up tomorrow morning we talk with Z this company has raised 5050 million and he's leading the Caro cargo container software space But first here's today's episode this is the top where I interview entrepreneurs who are number one or number two in their industry in terms of Revenue or customer base you'll learn how much revenue they're making what their marketing funnel looks like and how many customers they have I'm now at $20,000 per to 5 and six million he isent on global domination we just broke our 100,000 unit soul Mark and I'm your host Nathan lka hello everybody my guest today is Stephen St he is the the founder of a company called jio.com now he brings more than 25 years of experience fueling corporate growth in leading technology businesses before jumio he served as a CEO of a company called true position a leader in location based Services technology prior to that he was president and CEO of broadband Innovations delivering Digital interactivity Services to cable TV providers during his tenure he raised over $30 million in equity from Venture Capital firms and strategic investors and ultimately sold the company to Motorola in December of 200 and five Stephen are you ready to take us to the top I am ready to go very good so tell us what jumio does and what's the business model how do you make money all right we're a software as a service uh particularly we do trusted identity as a service so we do two we three things in that ID verification identity verification and document verification it boils down to with an ID verification you take an image of your ID passport driver's license use your laptop use your phone upload it we don't care we will then validate that it is not fraudulent and then if you do identity verification we do a biometric facial comparison of your selfie with your device and the image of your face on the ID to say that oh you have a perfectly valid ID are you the same human or did you steal it yep and then finally we do a document verification which for a lot of know your customer regulations is things like a utility bill or a bank statement do you have something that proves you live there interesting so are who's your customer is it the government that where people are sending their IDs to to validate something or or is the consumer we are our customers are Merchants who do that need to figure out who you are whether for their own business model like Airbnb is a big customer okay they don't have to do it but they do actually need to have a trusted environment of landlords and tenants um and then we also have Airlines we have online gaming companies Bitcoin companies Rick and mortar Banks a lot of them have a no your customer requirement and anti-money laundering requirement that they must fulfill which we do for them are a lot of these companies you're seeing spring up right now where they're scaling internationally with a lot of independent contractors I'm thinking Uber Lyft on demand food delivery programs things like that uh a lot of the friction with these companies moving into new locations is exactly this is the driver actually safe is are they who they say they are do you have a lot of those kinds of customers or no we have a lot of customers of that nature I won't say whether those are specifically customer of ours yeah but I would the way I describe it is the world is moving to the internet online Commerce and the idea that you have to walk into some building and flash your ID is a little inconvenient especially very inconvenient well it's inconvenient and some places don't even have them right they don't have it online I mean a brick and Mor existance so we fit them beautifully I have to tell you too I won't show it on screen here for security reasons but if you look at my driver's ID whenever I'm trying to go into like a place that cards people and I show it to them they look at me twice because it's like cracked halfway and it's old and worn and my reason is simple I don't want to go back to the DMV it's too it's it's it's a it's such a bad experience I would rather just put up with a cracked almost unusable license you know there's a lot of people like that or you know someone changes their hair like in my case you don't have enough left and you know let's face it the ID on your driver's license is a crappy tiny picture yep are you the same human and we use the technology and humans and we figure it out so what is the average again I'm sure you have tons of different cohorts of customers large and small but what's the average customer paying you and is it per month is it a SAS business it is a SAS business typically people pay one year's worth of transactions in advance okay and then they just burn off their inventory and then if they uh need to buy more we do another agreement or we have different mechanisms so it is pay as you go but you pay in advance in a sense and are most I mean can you give me an average are most of these you know $100,000 contracts or 10,000 contracts or million-- dollar annual contracts what's an average you know they range wildly there's a minimum that we won't bother with because to be honest you're not worth the customer support effort which is what but we had it's really not worth our time um and then we have many mullion dollar you cut out there could you repeat that so what was the minimum that you won't really mess with and then go forward up from there you froze up again are connections hear me yeah Stephen kill go ahead and kill the video we'll edit this out but kill your video so the connection stronger entirely Stephen kill your video so our connection stronger okay okay good so we'll edit this part out let me ask that question again uh so Stephen yeah can you give me like an average contract size or is there a minimum you won't touch and if so what is that I'd say the minimum is probably on the order of $30,000 um that would just be a let's get you started kind of purchase but we have many multi-million doll customers and a whole range in between we have and anywhere from 350 to 400 customers right now okay and they're in 40 countries for Zer so we're quite Global yep and what is the so so now that we understand more of the economics and what the company does take us back to the beginning of this thing when did you launch it all right so I should qualify one thing I am not the founder I am the professional CEO who came in later the founder had the classic experience that we've all had I believe he was on a beach in France and arguing with a credit Cardy company as to whether or not he was who he is and he thought there's got to be a better way than the annoying questions that we all know it's called knowledge-based authentication what's the size of your mortgage what's the last transaction you did what's your dog's name all that stuff which by the way is very easy to actually break into somebody's identity just by Googling and looking at their Facebook page and answer some of those questions so he said there's got to be a better way and he came up with this which was a real great way to do it which is make it so dead easy pull out your phone and take a picture so what year was that uh that that product this company was founded with some other products but that was about four years ago okay so let's call it 20 call it 13 now when did you come in I came in two years ago okay so about two years after it launched that is correct and what did that look like I mean from an operational perspective did did they raise capital and you came in like through the C round or how' that work um I came in I was brought in by the investors um at that point which are andreon Horowitz uh City Ventures and Eduardo saburn the co-founder of Facebook yep and and what was the how much total have you guys raised you know the company had raised to that date probably about 60 million okay so quite a quite a significant sum of money and we are doing actually very well we're probably growing I think last quarter was a 47% Revenue increase over the same quarter the previous year okay growing very quickly I think yesterday we broke through a 150,000 identity verifications at a single day oh wow that's that's amazing it's this is a very successful thing and it's a we're just beginning there's a lot of comp competition but there's a lot of business out there if you think how many different ways and times you have to pull out your ID you know hotel room rental car you know online gaming whatever you might need to do there's a lot of transactions out there yeah now just so I understand the funding question real quick so 60 million has been raised in total and you came in with the last tranch effectively the the history is more complicated than that but that would be good enough but if I'm using my research team did some research here but like in August 2016 it sounds like Millennium uh technology value...