Ipsidy launches mobile biometric authentication app and reports quarterly earnings

Ipsidy has announced the launch of its new iPhone and Android app, to enable mobile biometric multi-factor identity authentication for a range of common transactions, and also announced first quarter earnings for 2018 which were similar to its Q1 2017 results.

Consumers can use the new Ipsidy App to approve transactions with a selfie, which the company’s Identity Transaction Platform converts into a biometric facial template for matching against the enrolled reference template. Ipsidy is also providing a full range of developer tools, including RESTful APIs and SDKs, to support authentication for online account access, payments, call center interactions, and physical access.

The app was recently demonstrated at the TRANSACT conference, and is now available from the Apple’s App Store and Google Play.

Ipsidy earned $0.5 million in total revenue in the quarter ending March 31, 2018, after earning $0.6 million in the same quarter last year. Its net loss was $2.8 million, significantly lower than Q1 2017, but the difference was largely due to one-time costs of eliminating liability, and adjusted EBITDA loss was $1.7 million, compared to $1.6 million a year earlier. Basic and diluted net loss per share was $0.01, a two cent improvement over the first quarter last year.

In addition to launching its mobile app, Ipsidy’s recent highlights include the launch of its Access and Verify products for physical access and enterprise portal applications, respectively. The company also reached deals to launch a rewards program in Columbia in partnership with marketing firm Ruta Amiga, and to provide mobile authentication technology to banks in Latin America through DataPro, as well as provide de-duplication for voter rolls in Zimbabwe.

“Ipsidy made significant progress in the last quarter launching our new products, signing new customers and substantially delivering our Search AFIS system for Zimbabwe” said Philip Beck, Chairman and Chief Executive Officer of Ipsidy. Mr. Beck added “We are executing our strategy of creating trusted transactions, embedding biometrically authenticated identity and event details with a digital signature and using a participant’s mobile device to approve everyday transactions.”

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