“The partnership helps to further consolidate FacePhi’s already strong position in the Latin American financial services market…”
FacePhi has closed its tenth deal of the year, announcing that Mexico-based Albo has opted to use its biometric authentication solutions.
Launched in 2016, Albo is a startup digital banking platform that offers digital accounts, a budgeting app, and prepaid Mastercards for its customers. It’s a growing challenger in the Mexico market, with Finextra reporting that Albo brought in $7.4 million in series-A funding earlier this year.
Going forward, the bank plans to use FacePhi’s Selphi and SelphID solutions for customer authentication, with the tools revolving around the use of facial recognition to confirm the identities of end users. SelphID is aimed at using this technology to enable customer onboarding, comparing scanned faces to pictures of identity documents, while Selphi can be used for standard authentication when logging into online services.
The partnership helps to further consolidate FacePhi’s already strong position in the Latin American financial services market, arriving just a month after the company’s announcement of a contract with Banesco Panamá. The Albo deal represents FacePhi’s fifth contract in Mexico, and its third this year.
Commenting on the deal in a statement, FacePhi CEO Javier Mira noted that his firm has had a presence in Mexico since 2016 and emphasized the importance of the Latin American market to FacePhi while also gesturing to new opportunities emerging through FacePhi’s Korea-based FacePhi APAC subsidiary. “The Latin American market is an important business niche for our company, although we also have high expectations in the Asian market, where there is a strong demand for biometrics products,” he said.
December 3, 2019 – by Alex Perala