“The accuracy and usability of FaceTec have increased dramatically over the past 12 months, and the use and successful deployments around the world prove it.” – Kevin Alan Tussy, CEO, FaceTec
FaceTec released its Q1 update for 2021, and it looks like the quarter was a blast, as interest in strong, selfie-based integration and authentication technology continued to grow. The company saw a 321% increase in revenue year over year.
In its update, the privately held company continued to offer a few more highlights regarding its booming business. Over 15 million new user accounts were onboarded each month during the quarter, and as of April, FaceTec saw over 1.2 million Liveness sessions per day.
The numbers bode particularly well for the biometrics specialist’s trajectory as it first achieved profitability in the first quarter of 2021 – before the biggest swell requested for remote identity verification solutions after the COVID-19 pandemic has pushed all kinds of businesses and government agencies to online channels.
Commenting on the impressive first quarter performance, FaceTec CEO Kevin Alan Tussy highlighted the quality and sophistication of his company’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 vividness detection available and can accurately match a single individual with over 600% more accuracy than any 2D system,” a- he explained. “The accuracy and usability of FaceTec have increased dramatically over the past 12 months, and the use and successful deployments around the world prove it.”
Tussy also noted the uniqueness of FaceTec Usurpation bonus program, which he said provided FaceTec with “invaluable insight” as the company fine-tuned its solution. First launched a year and a half ago, the bounty program was enhanced last summer with additional levels of impersonation challenges and higher payouts, amounting to $ 100. $ 000.
Meanwhile, Jay Meier, the company’s senior vice president of North American operations, suggested that FaceTec has seen a huge expansion in demand beyond the financial services industry where selfie integration has taken off for the first time.
“Governments, large financial institutions, multinational corporations with very large user bases – and a lot of stakes – are adopting our advanced 3D FaceScan AI,” he said. “We will be making lots of customer announcements over the next few months that will literally change the way remote identity verification is done for entire populations.”
(Originally posted on FindBiometrics)