Juvo nabs $40m for Series B funding round

Mobile identity scoring app Juvo has nabbed $40m for its Series B funding round led by New Enterprise Associates and Wing Venture Capital.

Other contributions came from SignalFire and several existing investors.

Juvo partners with mobile operators and financial institutions, using credit algorithms to identify previously anonymous prepaid subscribersand help them build financial identities so they can access basic financial services.

Currently the company is partnered with seven mobile operators, with a reach of over 500 million subscribers across 25 countries in four continents.

The capital will be used to boost global growth and scale, particulary Asia, Latin America and Europe. Juvo also hopes to expand its offerings to the financially excluded.

Juvo CEO Steve Polsky said, “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.”

Following the transaction Wing founding partner Peter Wagner has joined the company’s board of directors.

Last year Juvo picked up $14m in its Series A fundraising round.

Copyright © 2017 FinTech Global

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