FacePhi confirms record net revenue for fiscal 2018 on international financial sector wins
FacePhi has closed its 2018 fiscal year with a turnover increase from 2017 of 66 percent for its facial recognition and mobile biometric technologies, netting €4.48 million (US$5.03 million) and increasing its EBITDA by 49.5 percent.
The earnings were mostly in line with the company’s January preview, though the EBITDA gain slightly missed the 53 percent guidance, growing from €855,929 in 2017 to €1,279,804 in 2018, according to the announcement.
“These figures show the positive path taken by the company we are confident that it will be strengthened in 2019 with the achievement of new contracts,” says FacePhi CEO Javier Mira. “So far this year, we have managed to close agreements with HSBC Uruguay and Supervielle, and we have announced our collaboration as technology partners in a pioneering project with CaixaBank to introduce facial biometrics recognition in ATMs.”
The company attributes its best year of performance since being founded in 2012 to the international expansion strategic plan it developed during the last year. The plan supported growth in FacePhi’s client portfolio to more than 30 entities, including new contracts with financial institutions Garantizer, Banco Vision de Paraguay, and Banco Macro, as well as integration with banking platform Bantotal.