Mitek is Latest Selfie Biometrics Specialist to Report Sales Jump Amid COVID-19

“Mitek’s strong financial performance reflects the team’s commitment to helping our customers and partners navigate this challenging environment as they accelerate their digital transformation.” – Max Carnecchia, CEO, Mitek

Mitek, a San Diego-based provider of selfie authentication technology, has added itself to the list of remote onboarding specialists reporting surging demand in the wake of the COVID-19 outbreak.

In its newly-published update for its fourth fiscal quarter of 2020, Mitek reported revenues of $30.6 million, reflecting a 22 percent year-over-year increase. For the full fiscal year, revenues came in at $101.3 million, a 20 percent year-over-year jump.

Mitek’s GAAP net income, meanwhile, demonstrates the importance of the latest quarter to the company’s overall success. For the full fiscal year, GAAP net income came in at $7.8 million, a full $5.0 million of which flowed in during the company’s Q4.

In announcing the results, Mitek credited its success to “an increase in demand for both mobile deposit and identity verification capabilities, as more people and businesses transact online.”

“Fiscal 2020 was another outstanding year for Mitek and our third consecutive year with record revenue for each quarter,” said CEO Max Carnecchia. “Mitek’s strong financial performance reflects the team’s commitment to helping our customers and partners navigate this challenging environment as they accelerate their digital transformation.”

Mitek also announced the appointment of a new board member alongside its Q4 results. Kim Stevenson, currently a Senior Vice President at cloud data services provider NetApp, brings to Mitek’s Board of Directors a wealth of business experience in the tech world, having spent time at Lenovo, Intel, IBM, and DXC Technology.

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November 6, 2020 – by Alex Perala