Market Insights

Juvo raises $40M, UnifyID nets $20M: OWI Deal Book for 8/4/2017

August 7, 2017

One World Identity’s Friday Deal Book provides you with a weekly roundup of partnerships, funding, and product announcements in the identity industry. Here’s a quick peek at what you need to know for the week ending Aug 4, 2017.

Alternative credit data provider Juvo raises $40 million Series B
The round was led by NEA and Wing Venture Capital, and brings Juvo’s total funding to $54 million. By leveraging top up data, Juvo gives pre-paid mobile customers micro-loans when they are short on credit or minutes. Today, Juvo has partnerships with 7 mobile carriers in 25 countries. The company plans to use the funds to expand its geographic reach, increase its partnerships with carriers, and expand its partner product offering to broader financial services, beyond mobile micro-loans. Stagnation in traditional credit coverage coupled with explosive availability of non credit data has led to significant growth in the so-called “alternative” credit data market. The nascent space still has a number of key issues around regulation, use cases, and data availability, however. [Read more]

CFPB fines JPMorgan $4.6 million for lapse in account screening processes
The Consumer Financial Protection Bureau (CFPB) took action against JPMorgan Chase for its failure to accurately screen checking accounts and provide consumers adequate dispute processes. Under the Fair Credit Reporting Act, the bank must have adequate policies in place regarding the accuracy of information it reported about consumers’ checking account behavior to reporting companies, such as Early Warnings Systems. It must also provide information and dispute resolution services for customers denied checking account openings. Between July 2010 and December 2014, the bank failed to provide these services, with over 17,500 users affected. Data correction and recourse processes have often not kept pace with the increasing amount of personal data being collected. [Read more]

CareFirst customers granted right to sue over 2014 cyberattack
The D.C. Circuit Court of Appeals ruled that CareFirst customers have the standing to sue the health insurance provider over a 2014 breach. In August 2016, a lower court had dismissed a class action lawsuit against CareFirst on the grounds that “merely having one’s personal information stolen in a data breach is insufficient to establish standing to sue the entity from whom the information was taken.” The breach involved the theft of social security numbers as well as credit card information. In the United States, consumer recourse against companies post data breach remains a largely fragmented court based process, with little regulation at the federal level. [Read more]

Chan Zuckerberg Initiative donates $10 million for healthcare big data
The donation will support the launch of University of California San Francisco (UCSF) Institute for Computational Health Sciences. The UCSF initiative aims to capitalize on so-called “data recycling”, the use of already available medical data to drive new advancements across drug development, diagnosis and patient care. Despite mandates for interoperability, hospitals and electronic healthcare records providers have struggled to effectively share data. Meanwhile, effective use of patient data holds tremendous promise for both lowering cost of medical research as well as leading to new discoveries. The Spoke knowledge network under development by UCSF will integrate electronic health records from all five medical centers in the UC system, as well as data from laboratory experiments, clinical trials, and patients’ own digital devices. [Read more]

DigiCert to buy Symantec’s website security business for $950 million
In addition to the upfront cash payment of $950 million, Symantec will aso receive a 30 percent stake in the common stock equity of the DigiCert business at the closing of the transaction. DigiCert is a provider of identity and encryption for web servers and Internet of Things through its certificate lifecycle management platform. The acquisition of Symantec’s security unit, which helps businesses verify the identity of websites, will grow its portfolio. Symantec, in the meantime, is consolidating its focus to enterprise solutions through its Integrated Cyber Defense Platform. [Read more]

Authentication startup UnifyID raises $20 million Series A
The round was led by NEA with participation from Andreessen Horowitz, Stanford-StartX and Accomplice Ventures. UnifyID provides a white label behavior biometrics based authentication solution that existing external mobile applications can integrate. Today, the platform only works on iOS devices. The company plans to use the funding to expand its engineering team. [Read more]