Signicat and BeyondID post significant wins in year-end accounting

Signicat’s final results for its fiscal year 2023 include several wins for the Norway-based digital identity firm, which reached over 1 billion transactions and closed the year with a turnover of more than 1 billion Norwegian kroner (roughly US$95 million), according to a company release.

The more than a billion transactions represents an increase of more than 25 percent from 2022. Growth came across transaction categories, with a roughly 20 percent increase in electronic signing and 25 percent rise in identity-proofing and authentication.

“We are very proud to have surpassed NOK 1 billion in revenue,” says Asger Hattel, CEO at Signicat, calling 2023 “a year with numerous business and technological milestones for us” and confirming that the company’s demonstrated commitment to delivering value for customers with efficient and secure digital identity services remains intact. Hattel points to an economic impact study by Forrester Consulting that showed the company delivering a 30 percent ROI to customers and typically reducing fraud costs by 75 percent, and to its inclusion (at number 803) on the Financial Times list of Europe’s 1000 fastest growing companies for the year 2024 – the 3rd time since 2021 it has made the list.

Perhaps its largest achievement is the imminent announcement that, with 35 electronic identities (eIDs) across Europe, Signicat is poised to become the first international aggregator to offer a new European e-identity system outside its current country of origin.

With a customer base of over 13,000 customers across global financial services, payments and wallets, insurance, mobility, and government, Signicat’s product line also grew in 2023, as it rolled out new products for orchestration of onboarding processes. Signicat Mint, a no-code platform to design, build and deploy digital identity processes in a no-code visual editor, joined the Riskflow platform for onboarding and risk management. A new Dashboard provides a single-entry point for customers. And the run will continue in 2024 with new hires presaging the launch of more new products providing early detection against fraud attacks and exploring the potential of AI.

“It has been fascinating to observe the growing trends in AI as it became available for public use last year,” says Digital ID, Fraud & AML Orchestration Evangelist Riten Gohil. “Looking ahead, we are using GenAI as an integral part of Signicat’s DNA to help clients meet present and emerging challenges from the evolving digital environment.”

BeyondID adds major brands to customer base

BeyondID also posted a banner year in 2023, announcing its sixth consecutive year of revenue growth and the expansion of its customer base to include brands such as Barracuda Networks, Boulder Community Health, H-E-B, Match Group, and Vista Equity Partners. A press release says the company also introduced the BeyondID Integration Network to provide customers with migration and integration services at scale, and its Security Operations Center (SOC), for  constant identity threat detection and remediation (ITDR) services.

In recognition of its efforts, BeyondID was named Okta’s 2023 Americas Partner of the Year and won the Fortress Cyber Security Organizational Excellence Award.

“Our focus on zero trust solutions and identity-first protection led to another incredible year of innovation and growth for BeyondID,” says Arun Shrestha, CEO of BeyondID. “We are proud of the milestones achieved last year and will continue to innovate our solutions offerings and expand our relationships with industry-leading partners to meet the growing security demands of our customers.”

Article Topics

BeyondID  |  biometrics  |  digital identity  |  financial results  |  Signicat