Company Reaches Over 500 Million Worldwide; Appoints Peter Wagner to Board of Directors
SAN FRANCISCO, July 27, 2017 – Juvo, the pioneer in mobile Identity Scoring, today announced a $40 million USD Series B funding round led by New Enterprise Associates (NEA) and Wing Venture Capital. Also included in the round are investments from SignalFire as well as add-on investments from existing investors. Juvo will leverage these new funds to drive global growth and scale, with a particular emphasis on Asia, Latin America and Europe, and broaden its suite of financial service offerings targeting the financially excluded. The company also announced the appointment of Peter Wagner, founding partner of Wing, to Juvo’s board of directors.
Juvo, who came out of stealth mode 10 months ago, was founded with an overarching mission: to establish financial identities for the billions of people worldwide who are creditworthy, yet financially excluded. By partnering with mobile operators and financial institutions around the world, Juvo uses sophisticated, data science-based credit algorithms to identify previously anonymous prepaid subscribers, enabling them to build financial identities and gain access to basic financial services.
“Today, there are over two billion underbanked people in the world – most of whom have a mobile phone. Juvo reaches these individuals, identifies them as creditworthy and provides access to financial services.” said Steve Polsky, CEO of Juvo. “It has been an exciting ride to date, surrounded by passionate people who believe deeply in Juvo’s mission. This new funding will allow Juvo to expand and deepen our product offerings as well as continue to build the best in class teams in data science, financial services and consumer mobile services. The addition of NEA to our investors and Peter Wagner of Wing to our board will further drive our commitment to providing financial inclusion for all.”
Juvo currently partners with seven mobile operators around the world, with a reach of over 500 million subscribers across 25 countries and four continents. Juvo’s operator partners have reduced churn by 50 percent or greater, while lifting average revenue per user (ARPU) numbers by as much as 15 percent. Most importantly, operators across the board are seeing an average increase in subscriber lifetime value by 65 percent.
“At NEA, we love to partner with companies who are helping to shape the innovation economy,” said Scott Sandell, managing general partner at NEA. “Juvo is doing just that by changing the face of financial services around the globe. Juvo’s solution is not only inventive, but addresses a vital global need while providing distinct value to its partners.”
“Juvo uses the potent combination of data, the mobile platform and the cloud to bring the power of identity to massive untapped markets,” said Peter Wagner, founding partner of Wing. “We have worked with the Juvo team since their earliest days, and are tremendously excited to see their vision becoming reality around the world.”
Since emerging from stealth in September 2016, Juvo has increased its global reach five times over, from 100 million to 500 million, and has steadily grown its operations and employee base worldwide. Early investors in the company, including the former CEOs of AT&T Wireless, NYSE, Sprint, Telefonica International and Vodafone Group, have each taken part in the latest B round.