121% YoY revenue growth, major business wins, new distribution partners
SUMMERLIN, Nev., April 12, 2022 /PRNewswire-PRWeb/ -- FaceTec, Inc. has announced exceptional results from its efforts in Q1 2022, furthering its global leadership in 3D face biometrics software.
Q1 2022 highlights include:
- 121.5% YoY revenue growth
- 91.7% 3D Liveness Check usage growth
- 140M+ 3D Liveness Checks performed
- 60M+ Age Estimates performed
- Terry A. Coffing named Chief Legal Officer
In the quarter, FaceTec entered into numerous new long-term agreements, including with Millicom, GrupoPan, and BMGMoney, and signed six new distribution partners, including Canadian Bank Note Company, PopID, and Synaps.io.
FaceTec now has 85 distribution partners, and global market penetration has benefited from its privacy-preserving on-prem (on-premises) software architecture versus Liveness-as-a-service models, which struggle to maintain compliance with biometric privacy frameworks. On-prem biometrics software is widely preferred by privacy advocates, security experts, and end users. FaceTec's stand-alone, on-prem architecture runs locally on a customer's server or cloud and FaceTec never receives any end-user personally identifiable information (PII). This enhances privacy and enables organizations to fully comply with consumer data regulations such as BIPA, CCPA, and GDPR.
In Q1 2022, FaceTec honed important functionality added in 2021, including free OCR for photo IDs, free barcode reading (demo video here) and free NFC chip scanning (demo video here). These free features dramatically reduce the cost of onboarding a new user compared with typical IDV vendor pricing. FaceTec distribution partners can now choose to provide their customers access to complimentary OCR for photo IDs, barcode reading, NFC chip scanning, 2D Liveness checks, 2D and 3D face matching, and 1-to-N scanning for duplicate faces. Already massively successful, the new features add even more value to FaceTec's software suite, while setup and support remain free. The only function FaceTec invoices for is when a 3D Liveness check is performed by an end-user.
FaceTec's 3D Liveness Check usage volume has now grown to more than 600M 3D Liveness Checks annually across myriad important sectors, including finance and banking, cryptocurrency, government, mobile IDs, e-commerce, dating, and social networks.
"Our outstanding performance in Q1 2022 was expected after a great 2021. Our partners are also growing fast, and our mutual customers are now preventing fraud in every corner of the globe," said Kevin Alan Tussy, CEO of FaceTec. "We look forward to continued growth in Q2 as more customers and partners begin taking advantage of FaceTec's free onboarding features."
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About FaceTec 3D Face Verification
FaceTec's pioneering 3D Face Biometrics are fast becoming the global standard in onboarding, KYC, and ongoing authentication, and stop ID fraud and unauthorized access for millions of users on six continents for many of the world's leading organizations in IAM-IDV, financial services, mobile payments, border security, connected transportation, blockchain/crypto currency, online dating, and more.
FaceTec's 3D Face Verification Platform features:
- 100% on-prem server software: No user data is sent to FaceTec
- World-leading 3D Face Matching rate at 1-in-125 million FAR at less-than-1% FRR
- Patented UI generates data-rich 3D FaceMaps™ from standard 2D cameras
- $200,000 Spoof Bounty Program & Level 1&2 Certified Liveness Detection
- Unshareable, unphishable 3D FaceMaps ensure trust without creating a honeypot
- Device SDKs for all modern smartphones, tablets, and PCs with webcams
- IDV dashboard with integrated 1-to-N de-duplication & fraudulent user lists
- World-leading 1-in-2 million FAR 3D FaceMap-to-2D-photo-ID matching
- Integrated anonymous 3D age estimation and 3D age checks
- Fast, intuitive interface with 98-99% first-time-user success rates
- Easy to integrate, customize, deploy, and manage
Developers can download FaceTec's demo apps directly from FaceTec.com for iOS, Android, and any modern browser, and the developer SDKs are available free at dev.facetec.com.
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About FaceTec
Founded in 2013, with staff in the United States, Brazil, Portugal, Mexico, and Singapore, FaceTec is the leading provider of 3D Liveness and Face Verification software, allowing remote identity proofing with an extremely high level of confidence. FaceTec's patented, industry-leading Certified 3D Liveness Detection, face matching, optical character recognition, and age estimation technology biometrically binds the unique, live, 3D user to their account, anchoring a secure chain of trust for mobile and web applications.
For more information and business inquiries, please visit FaceTec.com. For media inquiries, please contact John Wojewidka at [email protected].
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About Liveness.com
Created as an educational resource for biometrics users, vendors, analysts, media, and regulators, Liveness.com provides a comprehensive history of Level 1-5 Presentation Attack Detection, Template Tampering, and Camera Bypasses, as well as explanations of methods and means for evaluation, certification testing, and bounty programs.
Media Contact
John Wojewidka, FaceTec, Inc., 1.415.997.9235, [email protected]
SOURCE FaceTec, Inc.
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