Digital ID demand drives Mitek 18 percent revenue growth in record quarter

Mitek has reported an 18 percent revenue growth for its first quarter of fiscal 2021 ended December 31, 2020 on increasing demand for its biometric digital identity verification and mobile deposit solutions.

The sharp increase in demand for both mobile deposits and digital ID based on selfie biometrics has come as the pandemic caused a shift of commerce to digital channels.

“We are very pleased with our strong start to fiscal 2021,” said Mitek CEO Max Carnecchia. “With 40 percent growth in our identity verification revenue in the first quarter driven by the expansion of existing customer relationships and new business.”

According to Carnecchia, the company’s deposit solutions also continue to see increasing consumer adoption as online transactions are becoming more and more widespread.

“Mitek’s strong financial performance reflects the team’s commitment to helping our customers and partners accelerate their digital transformation,” the CEO explained.

A transformation that relies heavily on the need of establishing trust in the digital IDs of customers, citizens, partners, and employees, in order to prevent online fraud.

“Our technology ensures that more businesses can transact digitally and secure their platforms through easy, fast, and secure identity verification,” Carnecchia said.

More than 7,500 organizations reportedly use Mitek for mobile check deposits, new account opening, and more. The company reached $100 million in annual revenues on strong growth in 2020.

The company recently released an update to its biometric identity verification platform to introduce single-point NFC and joined the Biometrics Institute.

Article Topics

biometrics  |  digital identity  |  facial recognition  |  financial results  |  identity verification  |  Mitek  |  secure transactions  |  stocks