Why AirBnB Is Using Jumio Along With Many Other Unicorns

Stephen Stuut

In Episode #732, Nathan interviews Stephen Stuut. He’s the CEO of Jumio.com. He brings more than 25 years of experience fueling corporate growth and leading technology businesses. Before Jumio, he served as a CEO of TruePosition, a leader in location-based service technology. Prior to that, he was a president and CEO of Broadband Innovations delivering digital interactivity services to cable TV providers. During his 10 years, he has raised over $30M in equity from venture capital firms and strategic investors and ultimately sold the company to Motorola in December of 2005.

Famous Five:

  • Favorite Book? – A Book from McKinsey
  • What CEO do you follow? – John Mallone and Greg Maffei
  • Favorite online tool? — Outlook
  • How many hours of sleep do you get?— 8
  • If you could let your 20-year old self, know one thing, what would it be? – “Travel just a little bit less when your kids are young”

Time Stamped Show Notes:

  • 01:28 – Nathan introduces Stephen to the show
  • 02:10 – Jumio is a SaaS business, particularly, trusted identity as a service
    • 02:18 – Jumio does identity verification and document verification
    • 02:35 – Jumio will validate the ID, making sure it isn’t fraudulent
    • 02:40 – Jumio does biometric facial comparisons from the selfie picture and ID picture for identity verification
  • 03:11 – Jumio’s customers are merchants who need to know the identity of a person
  • 03:19 – Airbnb is one of Jumio’s customers
  • 03:29 – Jumio caters to airlines, bitcoin companies and banks that have money-laundering requirements
  • 04:13 – “The world is moving to the internet online clamors”
  • 04:17 – Walking into a building and flashing your ID is quite inconvenient
  • 04:58 – Some, like Nathan, don’t bother to change their license ID even if it’s unrecognizable
  • 05:35 – Customers typically pay 1 year worth of transactions in advance
  • 05:49 – Average contract price
  • 07:17 – Stephen isn’t the founder but is a CEO who came in later
  • 07:23 – The founder started Jumio after he argued with a credit card about his identification
  • 08:15 – Jumio was founded in 2014 and Stephen came in 2 years after they launched
  • 08:32 – Stephen was brought in by the investors
  • 08:48 – Jumio has raised $60M to date
  • 09:14 – Jumio just broke in 150K identity verifications in a single day
  • 10:02 – The investors of Jumio
  • 10:48 – Jumio has processed 26M verifications in 2016
  • 10:55 – 2017 verification number
  • 11:21 – The team in 2015 was around 90 and now it’s around 110 in the west and a thousand in India
  • 12:01 – Jumio is a hybrid blend of computer vision, facial recognition and human integration into one
  • 12:27 – Stephen is an optical engineer and has designed laser weapons
  • 13:14 – Jumio is well-known in the fintech and economy space
  • 13:25 – Jumio has a sales force direct with a team of around 20
  • 13:50 – Jumio does trade shows in the marketplace
  • 14:28 – Jumio has the top 4 unicorns as customers
  • 15:34 – Different markets have different value that they see from the pricing activity
  • 16:51 – “This is very much a grab the market share and its transactions”
  • 17:40 – The Famous Five

3 Key Points:

  1. It’s a relief to know that verifying your identification can be easily done.
  2. Pricing value affects different markets greatly.
  3. Spend more time with your kids while they’re young.

Resources Mentioned:

  • The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
  • GetLatka – Database of all B2B SaaS companies who have been on my show including their revenue, CAC, churn, ARPU and more
  • Klipfolio – Track your business performance across all departments for FREE
  • Hotjar – Nathan uses Hotjar to track what you’re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
  • Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
  • Host Gator– The site Nathan uses to buy his domain names and hosting for the cheapest price possible
  • Audible– Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books
  • Show Notes provided by Mallard Creatives