FacePhi reports 60 percent turnover leap amid new biometric markets expansion

FacePhi has released its ‘First half of 2021 Report’, which showcases a 60 percent increase in the company’s turnover when compared to January to June 2020, and also formed a partnership to strengthen its biometric data security.

The substantial increase, which amounts to €4.15 million (US$4.80 million), was spurred by the expansion of FacePhi’s presence in new regions and verticals.

Thanks to its recent investment in organic growth, FacePhi has also reported a negative EBITDA of €565,603 ($654,500), constituting an improvement of 6.76 percentage points in the EBITDA margin for sales.

The number seems to confirm the company’s growth and follows a reported negative EBITDA of €581,734 ($673,000) in the second half of 2020.

And before that, FacePhi announced growth in 2019 of 82.88 percent over 2018 revenues.

The company’s latest report, therefore, highlights the third consecutive year of substantial growth for FacePhi, which was reportedly supported by its expansion in Asia through a biometric onboarding partnership with Vietnamese digital security company PineTree Securities.

In May 2021, FacePhi integrated Revelock’s continuous biometrics in its portfolio to provide enterprises with bank fraud protection.

Finally, the company announced its start of operations in Africa thanks to a partnership with Nigerian company Afrilight Technologies in June, as well as launching its multi-modal biometric platform in Chile to expand its presence in Latin America.

These expansion efforts also enabled FacePhi to grow its team further, with a reported increase in its workforce of more than 103 percent over the last six months.

FacePhi partners with Anonybit on decentralized biometrics

FacePhi has also signed a bilateral agreement with Anonybit, a company focusing on decentralizing biometric templates to eliminate the risk of stolen credentials.

“Our patented technology solves a long-time problem of distributed biometric data storage and matching and eliminates the trade-offs we have been making up until now between privacy and security,” explained Anonybit CEO Frances Zelazny.

The Integration of Anonybit’s technology within the FacePhi platform will reportedly make it more secure, as well as support the company’s goal of creating a decentralized digital identification scheme based on the principles of self-sovereign identity.

“Our collaboration with FacePhi involves adapting its algorithm in our decentralized identity vault, maintaining a high level of security and performance, whilst preserving the privacy of our users,” Zelazny added.

The move builds on the deployment of FacePhi’s technology for a smart city project in Jeju Island, South Korea in September.

“The use of decentralized digital identity represents a new way of understanding digital identity, moving from a totally centralized model to a model that decentralizes data and turns biometrics into a democratic technology,” said Javier Mira, president and CEO of FacePhi.

“It is important that all people have the right and the possibility of owning their own digital identity and make decisions regarding the day-to-day management of it: When, with whom and how they want to use their data to identify themselves, without having to wait for a third party to validate their own information.”

Article Topics

Anonybit  |  biometrics  |  data protection  |  decentralized biometrics  |  decentralized ID  |  digital identity  |  FacePhi  |  financial results  |  fraud prevention  |  identity verification  |  onboarding  |  stocks