FacePhi reports record growth, 82.88 percent revenue increase in 2019

FacePhi reports record growth, 82.88 percent revenue increase in 2019

FacePhi has announced a 2019 growth of 82.88 percent compared to 2018, reaching a net turnover of more than 8.2 million euros, according to non-audited results presented during an event at Palacio de la Bolsa in Madrid.

The Spanish biometrics company achieved an EBITDA of 3.11 million euros representing a 143,32% increase from 2018, and boasts not only breaking its own growth record of 4.48 million euros in turnover in 2018, but registering the highest-growth value in the Spanish Stock Exchange.

FacePhi has been listed on the Mercado Alternativo Bursátil (MAB) since 2014.

In 2019, FacePhi focused on Latin American expansion by signing a biometric onboarding contract with Panama bank, by providing facial recognition-based digital onboarding for Argentinian health and insurance company Swiss Medical Group, and partnering with Banco del Sol in Argentina, among others. Last year it signed a total of 13 agreements with banking entities and health sector companies in LATAM.

FacePhi opened a South Korean subsidiary in Pangyo close to Seoul where a team of Korean specialists has been focusing efforts on growing the company’s presence in Asia Pacific. In November, it received support from Spanish business investment body Cofides to support the implementation of its facial recognition software in South Korea, following a strong market demand for biometrics and identification technologies.

FacePhi secured in September €4 million (US$4.4 million) in funding from Swiss investment company Nice&Green to boost adoption of the company’s biometric onboarding and authentication products in the U.S. and Asian fintech markets.

Another important milestone in 2019 was partnering with CaixaBank and Fujitsu to introduce ATM withdrawals using facial recognition in Barcelona.

“The growth registered in 2019 is not our goal, but the confirmation that we must continue in the same line of action started to go even further,” said FacePhi CEO Javier Mira. “We have to keep on working in Latin America, develop our project for Asia from Seoul, and consolidate our capitalization commitment to grow still further with our future stock market listing in the Euronext Growth.”

Future plans for 2020 include trading on the SME-focused French Euronext Growth exchange and attracting European investors.

“The most immediate objective is to continue advancing in technological applications within the fintech field to sustain our leadership in authentication and identification services,” Mira added.

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