“FaceTec’s accuracy and usability have increased substantially in the past 12 months, and the usage and successful deployments around the world prove it.” – Kevin Alan Tussy, CEO, FaceTec
FaceTec has issued its Q1 update for 2021, and it looks like the quarter was a blowout as interest in strong, selfie-based onboarding and authentication technology has continued to rise. The company saw a 321 percent year-over-year increase in revenues.
In its update, the private company went on to offer a few other highlights with respect to its booming business. More than 15 million new user accounts have been onboarded every month for the quarter, and in April FaceTec saw more than 1.2 million Liveness sessions per day.
The figures bode especially well for the biometrics specialist’s trajectory in light of the fact that it first achieved profitability in the first quarter of 2021 – ahead of the biggest swell in demand for remote identity verification solutions after the COVID-19 pandemic drove all sorts of businesses and government agencies into online channels.
Commenting on the impressive Q1 performance, FaceTec CEO Kevin Alan Tussy highlighted the quality and sophistication of his firm’s technology, which stands out among a growing number of selfie-based identity solutions.
“Our proprietary 3D AI provides the highest levels (1-5) of liveness detection available and can accurately match a single individual more than 600% more accurately than any 2D system,” he explained. “FaceTec’s accuracy and usability have increased substantially in the past 12 months, and the usage and successful deployments around the world prove it.”
Tussy also noted FaceTec’s unique Spoof Bounty Program, which he said has provided FaceTec with “invaluable information” as the company has fine-tuned its solution. First launched a year-and-a-half ago, the bounty program was enhanced last summer with additional levels of spoofing challenges and higher payouts, amounting to a sum of $100,000.
Meanwhile, the company’s SVP of North American Operations, Jay Meier, suggested that FaceTec has seen a considerable expansion in demand beyond the financial services sector in which selfie onboarding first took off.
“Governments, large financial institutions, multinational corporations with very large user bases –and a lot at stake – are embracing our advanced 3D FaceScan AI,” he said. “We’ll be making numerous customer announcements over the coming months that will literally change the way remote Identity Verification is done for entire populations.”
May 19, 2021 – by Alex Perala