Facephi wraps financing deal, boasts an aggressive fiscal 2022
Facephi’s funding agreement with a Swiss fund has been closed.
Nice & Green this month requested a final conversion of equity warrants into shares of the face biometrics provider as part of the fourth tranche of Nice & Green’s debt financing. As per the contract both signed, the funding deal two years ago has concluded.
Remaining equity warrants will be cancelled.
Spain-based Facephi sells onboarding and authentication software and services that automates aspects of KYC and AML.
The company says the “significant liquidity” that the agreement provided was used “to lay the structural foundations of the company” and increase its growth. The company was better able to create and launch its identity platform and get it before potential international buyers.
Fiscal 2022 was fairly good to Facephi overall, it appears.
Executives released unaudited numbers that indicate annual adjusted earnings rose 132 percent year over year. Annual net revenue rose 69 percent over the same period.
As of December 31, Facephi’s adjusted earnings before interest, taxes, depreciation and amortization, was €4.3 million (US$4.6 million) on net revenue of €2.2 million ($23.8 million). This compares to fiscal 2021 when adjusted EBITDA €4.3 million ($4.6 million) on net revenue of €2 million (2.1 million).
Adjusted earnings leave out one-time or irregular line items.
Total expenses grew as well, from €14.5 million ($15.5 million) to €21.7 million ($23.3).
Facephi was recently approved to provide regulatory compliance solutions to banks in its Spanish home market.