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Facephi posts major revenue boost

Facephi posts major revenue boost

Facephi has increased its revenue by 22.8 percent in the first half of the year, reporting in a release a net revenue of €9.65 million (just over US$10 million) for its digital identity protection platform across more than 25 countries.

The company shows a negative EBITDA, but growth reflects in the firm’s success in new strategic markets in the Middle East, including the United Arab Emirates and Saudi Arabia, which have implemented Facephi’s SaaS through the fintech firm Qashio. It is also testing the U.S. market via a deal with Orokii, a digital wallet company.

The Spanish biometrics firm recently announced the launch of a new partner channel under Alejandro Gómez de Cuenca, designed to accelerate expansion and support scaling. It also received the certification necessary to offer its products in Amazon’s AWS marketplace.

The CEO of Facephi, Javier Mira, says the company “will continue working to open new markets in the coming months.”

A market survey by GP Bullhound to assess interest in acquisition of a majority stake in the company was recently extended by three months, and remains ongoing.

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