“Our partners are growing fast, and our mutual customers are now preventing fraud in every corner of the globe.” – Kevin Alan Tussy, CEO, FaceTec
FaceTec‘s remarkable run continues, with the company reporting another giant leap in revenues alongside other important growth metrics in a Q1 update.
Revenues for the first quarter of 2022 were up 121.5 percent year-over-year, reflecting the growing enthusiasm for selfie-based remote onboarding and identity verification solutions, and the interest in FaceTec’s 3D face scanning platform in particular. The revenue jump is especially impressive for building upon a pandemic-drive spike in business that sent revenues up 321 percent in Q1 of 2021, compared to the previous year.
FaceTec also saw considerable upticks in the use of its liveness detection technology in particular over the latest fiscal quarter. The company says its platform performed over 140 million Liveness Checks during the period, reflecting a 91.7 percent uptick in usage.
The quarter also saw the establishment of multiple new long-term contracts and the establishment of six new distribution partnerships, including an agreement with face-based payments pioneer PopID. FaceTec now has a roster of 85 distribution partners, helping to extend the company’s global reach.
“Our outstanding performance in Q1 2022 was expected after the significant growth we saw in 2021,” commented FaceTec CEO Kevin Alan Tussy. “Our partners are growing fast, and our mutual customers are now preventing fraud in every corner of the globe.”
Notably, FaceTec indicated in its update that its global success was helped along by its on-premises approach to deployments of its face biometrics platform. FaceTec provides clients with the software they need to run the platform locally, on their own servers (or in the cloud if they choose). This means that there is no need to send the sensitive personal data of end users to FaceTec, helping to ensure compliance with evolving privacy regulations like GDPR in Europe, as well as BIPA and the CCPA in the United States.
Tussy went on to express his team’s optimism about the second quarter of 2022 as more customers take advantage of the enhanced functionality of FaceTec’s platform after an SDK update delivered last September. The upgrade added NFC chip scanning and barcode reading capabilities to the platform, further empowering clients to verify the identity documents of end users.
April 13, 2022 – by Alex Perala