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FaceTec quarterly revenue up 106% y-o-y to close 2022

Company now performing a billion liveness detection checks a year
FaceTec quarterly revenue up 106% y-o-y to close 2022
 

Revenues earned by FaceTec from its biometrics and liveness check technology more than doubled from the fourth quarter of last year to Q4 2022, according to an upbeat quarterly and year-end earnings announcement.

Usage of the company’s 3D liveness detection grew by 94 percent, on a year-over-year basis.

Other highlights during the year for FaceTec include the launch of its free Photo ID Scan service, with or without a 3D liveness check, and the granting of two new U.S. and international patents, giving the company 20 in total. It also passed extensive video injection penetration tests conducted by a European biometrics laboratory. In the last quarter of 2022, FaceTec signed up a dozen new customers, added several influential partners, and extended its contract with the company’s largest customer, according to the announcement.

FaceTec says it is up to over a billion 3D liveness checks annually, and that it performed more than 320 million age estimates and checks in 2022.

“Now that we are providing more than one billion 3D Liveness Checks annually and are extremely profitable, I’m eager to see how much of the document verification market our channel can capture with the addition of these free IDV/KYC features to our software suite,” says Kevin Alan Tussy, FaceTec CEO. “Our partner network and the entire FaceTec team did a tremendous job last year, and we’re thrilled to see the momentum continue. So far, this year’s performance looks like it will far exceed 2022’s.”

The company says its technology runs on its customers’ servers or clouds, making it easier to comply with regulations like Illinois’ BIPA, California’s CCPA, and Europe’s GDPR. FaceTec’s compliance with the former is confirmed by its recent voluntary dismissal from a biometric data privacy lawsuit.

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