Judge Approves Bankruptcy Lifeline for Jumio

FinTech Collective

March 25, 2016

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FinTech Collective

Jumio, a startup that provides identity verification software, has filed for bankruptcy. The company is also being investigated by the government after restating its 2013 and 2014 financials. Jumio is now considering a sale to one of it's investors Ed Saverin, one of the founders of Facebook.

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Jumio Inc., a venture-backed identity authentication company, won court permission Tuesday to tap part of a $3.7 million bankruptcy lifeline from Facebook co-founder Eduardo Saverin. Following a hearing Tuesday, Judge Brendan Shannon of the U.S. Bankruptcy Court in Wilmington, Del., signed off on access to $1.4 million of the loan as well as a host of other routine measures intended to keep the company operating while it works to complete a planned sale to Mr. Saverin. The Palo Alto, Calif.- based business made its bankruptcy court debut Tuesday after filing for chapter 11 protection on Monday.

http://www.wsj.com/articles/judge-approves-bankruptcy-lifeline-for-jumio-1458686429