FB pixel

FacePhi reports 60 percent turnover leap amid new biometric markets expansion

Sees almost $5M H1 turnover increase, partners with Anonybit on decentralized biometrics
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

 |   |   |   |   |   |   |   |   |   |   | 

Latest Biometrics News

 

Biometrics and injection detection for deepfake defense a rising priority

Biometrics integrations with injection attack detection to defend the latest front in the global battle against fraud, deepfakes, is the…

 

Biometric Update Podcast looks at the road to a global standard for age assurance

Episode 2 of the Biometric Update Podcast is a dispatch from the 2025 Global Age Assurance Standards Summit, held from…

 

WEF launches new DPI initiative focused on emerging tech, including biometrics

Global Digital Public Infrastructure (DPI) initiatives are lagging behind emerging technologies such as AI, which could lead to inefficiencies, bottlenecks…

 

Odds are good for biometrics firms in the global gambling sector

Gambling has always been a vice associated with certain kinds of criminal activity, but the development of the online gambling…

 

New Zealand issues tender for digital ID services accreditation infrastructure

New Zealand’s accredited digital identity services regulator, the Trust Framework Authority (TFA), has published a request for information (RFI) for…

 

Pindrop surpasses $100M in annual recurring revenue, kicks off BU podcast

A release from Atlanta-based voice biometrics firm Pindrop celebrates a milestone: the firm has surpassed US$100 million in Annual Recurring…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Market Analysis

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events