Ex-Facebook co-founder Eduardo Saverin is backing a body hoping to purchase embattled identity and user verification provider Jumio, pledging a reported $3.7 million towards financing its ongoing operations.
Jumio, which has igaming/betting clients including Betfair and Mr Green, had entered Chapter 11 bankruptcy proceedings allowing for US high courts to manage its assets.
Issuing its Chapter 11 filing, Jumio management claimed that the company could no longer secure further long-term investment needed to run its day to day operations.
The new business entity ‘Jumio Acquisition’ is a stalking horse bidder which has secured the rights to acquire certain company assets, which are still open to counter offers from rival bidders.
Releasing a short statement, Saverin representatives declared:
“The fair and orderly process announced today will allow Jumio’s new management and its employees to continue to serve its top-tier customers and to realize the company’s potential, With the company’s future operations in good hands, Jumio Acquisition is pleased to make this stalking horse bid to facilitate an orderly transition to a promising future for Jumio.”
Founded in 2010 by former CEO and founder Daniel Mattes, Jumio aimed to be the market leader in user verification by creating seamless ID scanning checks between customers and merchants.
Technology news source, Crunchbase reports that to date Jumio has raised $37 million in venture financing. The company had hit headlines in 2015 due to irregularities in their accounting which saw Daniel Mattes step down as its leader.