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FacePhi sales up 60 percent with face biometrics deployed to new markets

Board changes unveiled in mid-year update
FacePhi sales up 60 percent with face biometrics deployed to new markets

After a successful first half of 2021 in which its sales of its face biometrics technology grew by 60 percent, FacePhi will undergo a change in its leadership ranks.

Revenues rose to €4.15 million (US$4.89 million) in the first half of 2021, 60 percent higher than the first half of 2020, reflecting the company’s constant growth in markets like Latin America and the Asia-Pacific region, according to the announcement. FacePhi has also entered new facial recognition projects in those markets with key financial sector clients, and also moved into the aviation vertical. The company also moved into Vietnam with a biometric onboarding contract with financial services company Pinetree Securities and into Africa through a partnership with Afrilight Technologies.

EBITDA was negative €581,734 (approximately $685,600), a significant improvement on the same period a year earlier, and a 6.2 percent increase in EBITDA to revenue margin.

FacePhi has continued to grow its team and promote its marketing model with support from large international partners such as ITSS and Revelock, the latter combining face and behavioral biometrics. These actions are part of the company’s commitment to investing in growth through strengthening and optimizing its organizational structure. FacePhi has doubled its staff to include 124 professionals.

Board of Directors changes

Salvador Martí has resigned from his position as Chairman of the Board for FacePhi, citing the need to focus on CF Intercity, which is expected to launch its stock publicly soon. Co-founder and CEO Javier Mira will take the Chair position, with Fernando Orteso, who currently serves on the Board, taking the Vice-Chairmanship.

“FacePhi is a project with great growth potential and I am still fully committed to it, so this decision will not affect my participation in the company,” states Martí, who co-founded FacePhi with Mira and is its primary shareholder. “The situation of expansion in which FacePhi finds itself, and the trust in the great team of professionals that are part of it, has allowed me to communicate the change with the certainty that my departure will not affect in any way the good development that the company is having.”

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