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Jumio downsizes as identity verification providers respond to economic climate

Jumio has laid off more than 100 from its workforce, a source tells Biometric Update. The company confirmed that it has downsized in an email.

The company had approximately 1,500 employees, according to ZoomInfo.

The anonymous source told Biometric Update that workers were eliminated from Jumio’s U.S., international and India teams.

“The lagging impact of COVID-19 and the current economic challenges are forcing all companies to focus on their core businesses and key growth areas where they can compete at a higher level,” the company told Biometric Update in an unattributed statement.

“Jumio is not immune to these new market requirements. To remain competitive, we’ve had to identify the areas that aren’t delivering the anticipated return on investments, so we can reduce or eliminate spending that isn’t contributing to the overall performance of the company.

“Some of the individuals working in those areas have been transitioned to where they can continue to make important contributions to the company. Other roles have unfortunately been impacted by right-sizing. Overall, this affected less than 6 percent.”

Six percent of 1,500 would be 90 people.

Jumio is providing placement services and other support for those affected.

“This decision was not made lightly. Ultimately, we needed to make sure Jumio remains a healthy company that can grow strategically in the future. Jumio remains the leader in end-to-end identity proofing, risk assessment and eKYC/AML compliance solutions, and our customers depend on us to protect their business ecosystems. We continue to stay focused on our promise to eradicate online identity fraud and accelerate digital trust for all.”

The revelation follows a recent downsizing announcement from Socure. Jumio has laid off more than 100 from its workforce, a source tells Biometric Update. The company confirmed that it has downsized in an email.

The company had approximately 1,500 employees, according to ZoomInfo.

The anonymous source told Biometric Update that workers were eliminated from Jumio’s U.S., international and India teams.

“The lagging impact of COVID-19 and the current economic challenges are forcing all companies to focus on their core businesses and key growth areas where they can compete at a higher level,” the company told Biometric Update in an unattributed statement.

“Jumio is not immune to these new market requirements. To remain competitive, we’ve had to identify the areas that aren’t delivering the anticipated return on investments, so we can reduce or eliminate spending that isn’t contributing to the overall performance of the company.

“Some of the individuals working in those areas have been transitioned to where they can continue to make important contributions to the company. Other roles have unfortunately been impacted by right-sizing. Overall, this affected less than 6 percent.”

Six percent of 1,500 would be 90 people.

Jumio is providing placement services and other support for those affected.

“This decision was not made lightly. Ultimately, we needed to make sure Jumio remains a healthy company that can grow strategically in the future. Jumio remains the leader in end-to-end identity proofing, risk assessment and eKYC/AML compliance solutions, and our customers depend on us to protect their business ecosystems. We continue to stay focused on our promise to eradicate online identity fraud and accelerate digital trust for all.”

The revelation follows a recent downsizing announcement from Socure.  Read More   

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