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FaceTec revenue up over 50% in 2023 as annual liveness checks pass 2B

FaceTec revenue up over 50% in 2023 as annual liveness checks pass 2B
 

3D biometric liveness detection checks by FaceTec have surpassed 6 million per day. A 120 percent increase in liveness usage year-over-year leading to a 54 percent increase in revenue during full-year 2023, according to limited financial results published by the company.

FaceTec signed 18 commercial agreements with customers and partners over the past quarter, according to the announcement.

The company claims more than 543 million liveness checks were carried out with its 3D face biometrics technology, along with over 189 million age verifications and estimates, in the fourth quarter of 2023. FaceTec’s foray into the KYC market added up to 6.7 million photo ID scans with optical character recognition (OCR) and anti-tampering checks.

BixeLab tests showing FaceTec’s 3D:2D face matching software performing with high accuracy and no observable bias and error-free presentation attack detection in line with ISO/IEC 30107-3 are among the company highlights for the past year identified in the announcement.

“Our 2023 results reflect the market need for a battle-tested biometric security layer in high-risk remote access scenarios,” says Kevin Alan Tussy, CEO of FaceTec. “As we face more sophisticated challenges like Generative AI Deepfakes, stopping digital impersonation of employees and end-users by requiring trusted identity verification and reverification with strong, Liveness-proven biometrics is now the rule, not the exception.”

FaceTec is now up to 28 patents granted, and in the past quarter it hired Kantara Board Chair Andrew Hughes as its VP of global standards and Manos Mavrikos as VP of global partner and customer success. FaceTec SVP of North American Operations Jay Meier joined an ITRC identity resilience advisory board and Kantara’s Deepfake Threats to Identity Proofing and Verification group.

For comparison, in 2022 FaceTec reported a billion 3D liveness checks, and strong overall revenue growth.

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