Juvo Launches With A Reach Of 100M Users
SAN FRANCISCO, September 9, 2016
Juvo Launches With A Reach Of 100M Users, Pursues Mission To Provide Financial Identity to Prepaid Mobile Users Worldwide. Active in 23 Markets and Four Continents, Juvo’s Mobile Identity Scoring is Proven to Drive a 10-15 Percent Increase in ARPU for Mobile Operators.
Juvo, the pioneer in mobile Identity Scoring, today announced its global launch and revealed a market footprint of 23 countries across four continents with a reach of over 100 million subscribers. Juvo partners with mobile operators to provide a financial identity and mobile financial services to the 5.7 billion prepaid mobile users around the world, who are often underbanked and underserved. Juvo’s proprietary algorithms and data science technology analyze both subscriber and usage data, continuously and in real time, to generate Identity Scoring. Juvo’s Identity Scoring unlocks essential access to credit and basic financial services to advance individuals up a pathway toward financial inclusion.
Since the company’s quiet inception in 2014, mobile operators using Juvo’s Identity Scoring technology have seen a 10-15 percent increase in ARPU (Average Revenue Per User) while dramatically reducing churn and enabling high-value financial service offerings. Juvo’s cloud-based scalability allows mobile operators to go to market in just a few weeks, driving exponential subscriber adoption and realizing an immediate rise in revenue.
“Juvo starts by reimagining the prepaid experience and encouraging identity-based relationships between subscribers and their mobile operators,” said Steve Polsky, CEO and founder of Juvo. “The convergence of cloud computing, sophisticated data science, and the massive adoption of smartphones helped us lay the right foundation for Juvo’s value proposition. Juvo helps turn a previously ‘invisible’ customer into a ‘visible’ one – opening doors for the customer, the mobile operator and financial service providers alike, and bringing us closer to our vision of financial inclusion for all.”
Juvo’s proprietary Identity Stack combines consumer internet know-how, sophisticated data science, and game mechanics to identify previously unknown mobile users and encourage them to interact with their mobile operator. Now, for the first time, prepaid users are targeted and engaged in real-time, based on their own unique preferences. In addition, Juvo’s Identity Stack includes intelligence and reporting tools that offer mobile operators actionable analytics and insights to drive user engagement and growth. The cloud-based platform leverages existing APIs for rapid time-to-market, providing access to essential financial services for millions of subscribers around the world each and every day.
“Juvo’s business model is a win-win for subscribers and operators,” said Arun Sarin, former CEO, Vodafone Group. “Customers using Juvo’s proprietary technology always stay connected, and mobile operators keep their customers online longer, thus improving customer satisfaction, network efficiency and profitability. Juvo’s experienced team is making life better for all in the mobile ecosystem.”
Simultaneous to Juvo’s global launch, the Company also announced a $14M funding round with business luminaries from the world of tech, mobile and finance. The former CEOs of AT&T Wireless, NYSE, Sprint, Telefonica International and Vodafone Group invested in Juvo, as well as leading VCs including Wing Venture Capital, Freestyle and Seed-Resolute.
“Only Juvo can deliver financial services to millions of underserved consumers around the world, instantly,” said Duncan Niederauer, former CEO, NYSE. “Juvo’s leadership team has deep expertise and an enviable track record in mobile telecoms and financial services, and the company is well positioned to not only accelerate the digital transformation of mobile operators, but also to address the wider socio-economic issues around financial inclusion for all.”
Juvo CEO and founder, Steve Polsky, is a successful, proven entrepreneur. He previously held the role of president and COO of social movie site Flixster and Rotten Tomatoes, which was acquired by Warner Bros in May 2011. Its executive team comprises accomplished industry leaders across the data science, consumer internet, financial services and mobile telecom fields.
Juvo was founded with an overarching vision: to establish financial identities for the billions of people worldwide who are creditworthy, yet financially excluded. In partnership with mobile network operators, Juvo’s proprietary Identity Scoring technology uses data science, machine learning and game mechanics to create an identity-based relationship with anonymous prepaid users, opening up access to otherwise unattainable mobile financial services.