AuthenticID nearly triples revenue growth for selfie biometrics, identity proofing
AuthenticID has reported a 186 percent year-over-year (YOY) increase in annual revenue, making 2021 the company’s most successful year for identity proofing and selfie biometrics sales to date.
The company specializes in providing automated biometric authentication tools with the goal of helping companies reduce fraud and operational costs while increasing customer conversion at onboarding.
According to AuthenticID’s CEO Jeff Jani, the company’s growth in 2021 was driven by the acquisition of new clients and the establishment of strategic partnerships.
“[These] have been instrumental in building our momentum,” Jani explains. “Given the industry’s current landscape — there is a constant demand for accurate identity proofing across companies’ use cases.”
The firm’s growth has also translated into AuthenticID doubling its workforce in 2021. In addition, the company is planning the opening of a new corporate headquarters in Kirkland, Washington.
“From compliance and new regulations to the desire to streamline and simplify user experiences, we see our market opportunity widening more than anticipated,” Jani concludes.
The news of AuthenticID’s rapid growth comes months after the company raised $100 million in a minority investment by Long Ridge Equity Partners in July 2021.
On that occasion, Jani confirmed the sum would be utilized to support the expansion of the business’ biometric identity proofing technology within the telecommunications, financial services, government, and consumer sectors.
AuthenticID teases the impending launch of a new portfolio of digital identity proofing products in the announcement.