FaceTec saw year-over-year revenue growth of 104 percent in the latest quarter, the company has revealed. That was helped along by a dozen new commercial agreements sealed in Q4 of 2022, as well as ongoing enthusiasm for the company’s biometric identity verification solutions.
Part of the reason for that enthusiasm may have to do with FaceTec’s privacy-focused approach to biometrics. The company licenses standalone software for customers to run locally, which means end users’ facial biometric data never needs to be sent to FaceTec – an architecture that can help to ensure compliance with data privacy regulations.
The sophistication of the technology itself surely also gets some credit. FaceTec’s solution revolves around 3D face biometrics, ensuring a high level of accuracy and reliability.
It also supports Presentation Attack Detection technology that has been, and continues to be, thoroughly tested. Since 2019, FaceTec has been offering significant financial rewards to any white-hat hackers able to fool its biometric system, and the company recently tripled this Spoof Bounty Program’s total payout to $600,000.
The advanced 3D Liveness Check technology that is powering the solution’s anti-spoofing capabilities is the only thing FaceTec charges customers for. Other services, including 2D liveness checks, photo ID reading,, and even 3D biometric matching, are offered gratis. In any case, interest in the former has been booming.
“Now that we are providing more than one billion 3D Liveness Checks annually and are extremely profitable, I’m eager to see how much of the document verification market our channel can capture with the addition of these free IDV/KYC features to our software suite,” said FaceTec CEO Kevin Alan Tussy, adding later, “So far, this year’s performance looks like it will far exceed 2022’s.”
The company certainly has a strong trajectory going into the year, with revenues growth increasing, rather than merely stabilizing. Year-over-year growth went from 81 percent in Q2, to 96 percent in Q3, to the 104 percent marker it left at the end of 2022.
(Originally published on FindBiometrics)