FacePhi Sees Massive Profit Increase in Fiscal Update

“The figures we have achieved this year show a consolidation of our business position as a benchmark in the field of fintech and biometric technology” – Javier Mira, CEO, FacePhi

FacePhi Sees Massive Profit Increase in Fiscal Update

FacePhi continues to deliver solid results in its latest year-end fiscal update.

The company has enjoyed a rising profile in the financial services sector, particularly in the Latin American region, thanks primarily to its Selphi platform, which uses selfie-based facial recognition to verify end users’ identities. Remarkable enthusiasm for this system among Latin American banks in particular helped to drive considerable growth for FacePhi over the course of 2017, with the company ending the year with a net profit of 457,205 euros, or a little under $517,000 USD.

That enthusiasm evidently continued throughout the course of 2018, with FacePhi now reporting that it delivered a net profit of 1,190,664 euros, or about $1.34 million USD – an increase of 151.67 percent over the previous year. The profit was driven by revenues of 4.48 million euros ($5.06M USD), compared to revenues of 2.7 million euros ($3.05M USD) in 2017.

In a statement reporting these results, FacePhi added that its “international expansion strategy has been strengthened” with new clients including Garantizar, Banco Macro, and Banco Visión of Paraguay. And its launch of its new, multimodal inPhinite authentication platform marked “an important step forward”, the company said, suggesting that 2019 will be another year of substantial growth.

(Originally posted on FindBiometrics)