The Ascent Continues: FaceTec Q1 Update Shows Strong Start to 2023

“Not only are we consistently seeing more inbound requests for new commercial agreements, but the increased usage by our customers and partners is a clear indicator of their trust in our software and its ability to deliver the best biometric security on the market today.” – Kevin Alan Tussy, CEO, FaceTec

FaceTec‘s ascent continues: The company has announced its results for the first quarter of 2023, marking a 72 percent increase in revenues year-over-year.

It also saw a 120 percent surge in the use of its 3D Liveness Check system, the only feature of FaceTec’s platform for which the company bills. That amounted to more than 300 million 3D Liveness Checks in total during the quarter.

The achievement marks another consecutive quarter of considerable growth for FaceTec, which had reported a 104 percent revenue spike in Q4 of 2022, following a 96 percent jump in the third quarter of last year.

Other metrics disclosed in the company’s update for Q1 of 2023 help to illustrate its prominence in remote identity verification and authentication. FaceTec now has almost 100 distribution partners, who are able to provide their customers with free access to tools including photo ID reading, barcode and NFC scanning, and biometric services including 2D and 3D face matching and one-to-many matching for the purpose of finding duplicate faces in a given database.

That prominence may be an important driver in attracting paying business to FaceTec, which also signed 13 new commercial agreements in Q1, in addition to extending its network of integration partners through deals with several organizations.

“Our continued growth in Q1 2023 demonstrates the effectiveness of FaceTec’s security in uncertain times,” commented FaceTec CEO Kevin Alan Tussy. “Not only are we consistently seeing more inbound requests for new commercial agreements, but the increased usage by our customers and partners is a clear indicator of their trust in our software and its ability to deliver the best biometric security on the market today.”

FaceTec has backed up such claims about the sophistication of its technology with an ambitious “Spoof Bounty Program” that offers hefty rewards to any White Hat hackers who successfully fool its biometric solution. The total payout offered through its bounty program has been raised multiple times since it was first launched in 2019, with FaceTec most recently tripling it to $600,000.

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April 24, 2023 – by Alex Perala