Juvo, a mobile identity company looking to help mobile users in emerging markets improve their financial standing, has landed a strategic Investment from Samsung NEXT.
The company said the investment will accelerate migration to smartphones amongst prepaid mobile subscribers, offering access to digital financial services and delivering on digital transformation. Juvo partners with mobile operators and financial institutions, using credit algorithms to identify previously anonymous prepaid subscribers and help them build financial identities so they can access basic financial services.
Mobile operators use Juvo’s solution to target subscribers with “fee free” airtime advance purchases, loyalty building incentives and rewards, and access to basic and progressively advanced financial services.
“From the beginning, Juvo has been driven by the vision of ‘access for all’ and the idea that doing good is also good business,” said Steve Polsky, founder and CEO of Juvo. “This new collaboration with Samsung NEXT allows us to further realise our vision by being among the first to integrate financial identity into a hardware device and, with it, offer unprecedented access to greater financial services. Samsung opens a critical piece of the ecosystem for Juvo, and its world class organization, market expertise and reach will accelerate the Juvo mission, putting sophisticated technology in the hands of unbanked people and provide financial access to those who need it most.”
Headquartered in San Francisco, with offices in Miami, London, Buenos Aires, Manila, and Jakarta. Juvo has a reach of over 500 million subscribers across four continents and is deployed in 25 countries.
Juvo’s data science technology identifies and qualifies users for smartphone migration and handset financing. Its identity scoring technology uses data science, machine learning, and game mechanics to create an identity-based relationship with anonymous prepaid users. The solution creates financial identities for users, providing ongoing access to otherwise unattainable mobile financial services.
Last year, the mobile identity scoring app nabbed $40m for its Series B funding round, which was led by New Enterprise Associates and Wing Venture Capital. A month later, the company partnered with Malaysia-based mobile virtual network operator Tune Talk.
Copyright © 2018 FinTech Global
Copyright © 2018 RegTech Analyst
