FaceTec Q2 Revenues Jump 293% Year-Over-Year

FaceTec’s business continues to skyrocket amid heightened demand for selfie-based onboarding solutions, and excitement about the company’s sophisticated 3D face authentication and liveness detection technology in particular.

In its latest quarterly update, the private company is reporting a 293 percent year-over-year jump in revenues. That illustrates a continuation of the solid upward trajectory seen in the company’s Q1 update in May, when it reported a 321 percent year-over-year revenue increase.

FaceTec’s success reflects a broader trend of growing interest in remote identity verification technology, and particularly solutions based on selfie biometrics, which match pictures of end users to their official identity documents. It’s an approach that has been especially popular in the financial services sector; but part of FaceTec’s unique success can be attributed to its popularity across a breadth of areas beyond that area.

“Our customers represent virtually every use case for remote identity verification, face authentication, and age estimation; from dating apps to the U.S. Department of Homeland Security, from mobile payments to voting by Canadian Parliament, and everything in between,” explained FaceTec CEO Kevin Alan Tussy.

Another factor in FaceTec’s success is undeniably the sophistication and robustness of the company’s biometric technology. Unlike most face authentication solutions, FaceTec’s uses three-dimensional imaging to establish a more detailed biometric profile, and uses highly advanced liveness detection technology to guard against presentation attacks in which artefacts like 2D images and even face masks are used to fraudulently mimic genuine user credentials.

The company has gone so far as to establish a spoof bounty program with payouts totalling $100,000 to hackers who are able to fool its authentication system. That has helped to shore up confidence in FaceTec’s solution as the market appetite for strong remote identity verification has intensified.

“Organizations across the spectrum are realizing that legacy in-device authentication, such as PIN numbers, passwords, fingerprint, 2D face, or their multi-factor combinations, are not proving to be secure,” explained FaceTec SVP of North American Operations Jay Meier, adding later that IT security decision makers must recognize the need for “tech that can positively verify and authenticate the biological users, not just the device.”

In addition to its success in further propelling revenues during the second quarter of 2021, FaceTec noted in its update that it added 10 new organizations to its global partner network during the quarter, bringing the total to 74. The new partners range from the United Kingdom’s Onfido to Vietnam’s SmartOSC to Sweden’s Scytáles.

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August 5, 2021 – by Alex Perala