FacePhi Saw Massive Profit Increase in 2017

“FacePhi says it now has 21 banks among its client roster, including two of the world’s biggest institutions, HSBC and ICBC.”

Spain-based mobile biometrics specialist FacePhi saw a 307 percent increase in profit last year, the company has announced.

FacePhi’s business revolves around the financial services sector, where its technology has been embraced for mobile customer authentication. Based on facial recognition, FacePhi’s Selphi solution is able to use a standard smartphone camera for biometric verification, allowing bank’s to cheaply and easily deploy mobile KYC initiatives. FacePhi says it now has 21 banks among its client roster, including two of the world’s biggest institutions, HSBC and ICBC.

All of that interest has led to a turnover of 2.7 million euros over 2017, an EBITDA of 795,855 euros, and a net profit of 457,205 euros. Meanwhile, the company’s stock value rose from €0.68 at the start of 2017 to €1.09 at the end of the year.

It’s a reflection of a broader enthusiasm for biometric solutions in the financial services sector, and a validation of FacePhi’s in particular. And the company is anticipating further growth to come: In a statement announcing its results, FacePhi asserted that the “upward trend will continue in 2018, given FacePhi’s aim to increase the size of its international business with a presence in the US, European and Asian markets.”

(Originally posted on FindBiometrics)