FacePhi sets up its new subsidiary in the UK and declares its commitment to the EMEA area
The new subsidiary will be led by General Manager EMEA, Enrico Montagnino, who joined the company last April to lead the conquest of this new region.
The tech company seeks to consolidate its presence in Europe, the Middle East and Africa and open new markets with the creation of a specialised international sales team.
FacePhi, the leading company in technology for user digital identity verification, reinforces its commitment to Europe, the Middle East and Africa with the establishment of a new subsidiary in the United Kingdom. FacePhi EMEA thus becomes the third branch created by the tech company, which already has subsidiaries in South Korea, FacePhi APAC, and in Uruguay, FacePhi LATAM, in addition to its headquarters in Spain.
This new delegation will be led by Enrico Montagnino, EMEA General Manager, who joined the company last April with the aim of establishing FacePhi’s presence in this market and thus accelerate the implementation of FacePhi solutions in the region. The subsidiary will incorporate profiles such as sales staff, administration, human resources, marketing and projects in the Anglo-Saxon region, in addition to a sales team that will work from strategic countries in the EMEA area to close new business opportunities.
“The United Kingdom is a strategic country, a gateway to new markets from which we want to meet the needs of our customers and expand the use cases of our technology,” said Javier Mira, president and CEO of FacePhi. “The demand for our solutions has grown a lot in recent years in this region and, thanks to this sales-focused team, we want to continue expanding our presence around the world,” Mira said.
“The opening of this new subsidiary represents a key step for FacePhi, a company that is in a moment of expansion and growth,” said Enrico Montagnino, EMEA General Manager at FacePhi. “The possibility of leading a multidisciplinary team of these characteristics is a challenge and shows the firm’s commitment to its projects and customers,” said Montagnino.
FacePhi EMEA, the company’s third subsidiary
Since the beginning of 2022, FacePhi has been articulating an international structure that began in 2019 with the opening of its first subsidiary, FacePhi APAC, in Seoul, South Korea. After several years as a support office, in March 2022 FacePhi consolidated its presence in Latin America with the inauguration of its subsidiary in Montevideo, Uruguay, FacePhi LATAM. Today, after hiring its new General Manager EMEA, Enrico Montagnino, last April, the company decides to commit to its expansion in Europe, the Middle East and Africa and, therefore, constitutes FacePhi EMEA, its new subsidiary in the United Kingdom.
With the opening of these three subsidiaries, FacePhi reaffirms its commitment to the internationalisation of its solutions and the consolidation of a global team with unstoppable growth that allows them to be present in any region and industry.
FacePhi, a leading technology company in user digital identity verification, has released its consolidated audited annual accounts for the 2021 financial year. This report confirms that last year the company obtained the highest turnover in its history, 13.16 million euros, as announced in the preview of annual results presented in February at the Palacio de la Bolsa in Madrid.
In 2021, the company raised its turnover by more than 81% compared to 2020, thanks to the increase in new contracts and the renewals and extensions of existing deals.
Thanks to its firm commitment to the growth of its structure and international commercial expansion, the company obtained an adjusted EBITDA of 1.88 million euros, without taking into account the extraordinary cost incurred as a result of the compensation agreed for the voluntary dismissal of one of the company´s Managing Directors.
The revolution accompanying companies in their digital transformation
Since 2012, FacePhi has been developing state-of-the-art technology that allows users’ identity to be securely verified, thanks to its digital onboarding and authentication solutions. In October 2021, the transformation of its business model began with the launch of the most complete Digital Identity Verification platform on the market: FacePhi Identity Platform.
This innovative solution, which will revolutionise the digital identity market, makes FacePhi’s technology the most accessible for companies immersed in a digital transformation process, regardless of their size or the type of industry to which they belong. This advance in its business model will allow the company to reach more customers faster, boosting its growth and expansion over the coming years.
FacePhi’s unstoppable business growth is due, in large part, to the push it made in 2021 to strengthen its structure. Last year the company increased its workforce by 207% compared to 2020, reaching the figure of more than 175 employees, of which almost 70% have technical profiles.
This investment allowed the formation of a multidisciplinary team capable of continuing to develop the best digital identity verification technology, strengthening the commercial team and fostering their alliances with partners, thus promoting the expansion of the company’s technology globally.
Since its inception, FacePhi has worked tirelessly on the development of its technology, and since 2014 it has been the leading provider of identity verification technology in Latin America among companies in the financial industry, one of the most regulated and demanding in terms of security. This is an industry in which it continues to take important steps, being chosen in 2021 by Banco Santander as one of its main suppliers.
The company’s desire to develop the best and most adaptable technology has led it to demonstrate that any company in the world can use its products, verifying user identity with the highest level of security. This has allowed FacePhi to obtain more than 120 clients and to conquer new international markets, entering Chile, Vietnam and Nigeria for the first time.
In addition, in 2021 the company has made the leap to other industries, such as travel and transport, sporting events and Public Administrations, establishing important projects with companies such as Aena, Latam Airlines, Valencia C.F and the Nigerian government. In this way, FacePhi demonstrates that its solutions can be applied within any company in any industry, highlighting its great growth potential.
FacePhi, the international company expert in digital identity verification, has completely turned around its current work model and is committed to flexibility and innovation to achieve the maximum well-being of its employees. The company will move its headquarters to the Panoramis Life & Business space in the port of Alicante, a change of location with which it aspires to improve the quality of life of the more than 160 employees at its offices, allowing them to harmonize their personal and professional lives, improving the company’s commitment to work-life balance.
Among the advantages offered by the Panoramis Life & Business workspace there is the possibility of being able to continue developing cutting-edge technology on the seashore of the Mediterranean, in an environment that has a coworking areas, multipurpose offices, restaurant spaces, gym with sea views, nutritionist and wellness services where work becomes pure inspiration. The relocation of these offices to the heart of Alicante is also in line with the announcement made a few months ago by the company to start applying the four-day working week, which will be implemented throughout 2022.
“For FacePhi, Alicante is not only the city where we were born, it is also our home and the place where we want to continue developing our technology. Now we want to do it in front of the sea, in a unique environment that symbolizes the quality of life that this area offers” explained Javier Mira, president and CEO of FacePhi. Mira has assured that “for this reason, moving our offices to Panoramis Life & Business is clear proof of the strong commitment we have with the city and its goal of being a driving force for digital transformation in Spain and Europe”.
“We are delighted that a leading multinational technology company such as FacePhi has decided to move its headquarters to this center,” said Maria Llatas, Director of Operations at Panoramis Life & Business. Llatas pointed out that “both parts were clear that we wanted to reach an agreement to make today a reality. We are sure that, from this unique location, equipped with all the necessary strategic services during a working day, it will be possible to improve the productivity and quality of life of the FacePhi team, inspiring them to continue with their amazing growth”.
FacePhi has obtained the ISO 30107-3 Level 2 certification, with which it demonstrates that its user digital identity verification technology meets the necessary requirements to prevent impersonation or identity fraud. To achieve this recognition, the company’s digital onboarding and authentication solutions have been subjected to phishing attacks using animation software, latex and resin masks, and 3D photography.
At all times, FacePhi’s sophisticated technology prevented fraudulent access to it, thus achieving the compliance report. The tests have been carried out by the iBeta Colorado laboratory (USA), certified by NIST NVLAP, a program offered by the US National Institute of Standards and Technology (NIST) and which accredits laboratories to carry out this audit.
“With this letter of compliance granted by iBeta, FacePhi demonstrates that its technology is strong and resistant to attacks, both level 1 and level 2 in accordance with ISO 30107-3”, said Jorge Félix, Quality & Systems Director of FacePhi. Felix has also recognized that “in this way, the company continues to work on its commitment to the highest quality standards in the industry that recognize us as a safe product for our customers and users”.
FacePhi continues to consolidate its leadership position in Latin America. The technology firm has signed an agreement with Hites, a Chilean company dedicated to the retail industry and the fifth most important company in this sector in this Latin American country. This agreement supposes FacePhi’s consolidation in Chile, a country in which it entered for the first time in 2021.
The project is based on the adoption of FacePhi’s digital onboarding technology, with which Hites customers will be able to request their “hites card” credit card simply, securely and 100% online from anywhere.
To request this card, users must capture their identity document on both sides, which will be subjected to an exhaustive security validation. Then, they must take a selfie, with which the facial recognition of the person will be carried out. With the combination of both actions, it is possible to quickly and securely verify the user’s identity, assuring the company that identity fraud is not carried out and, in turn, providing the best consumer experience.
“It is a satisfaction to consolidate our presence in Chile hand in hand with a historical company such as Hites, whose initiative in the digitization process will mark the path of the financed retail industry for the coming years,” explains Jorge Sanz, CRO of FacePhi.
Empresas Hites has a history of more than 50 years of development in the financed retail business, which makes it a relevant player in the industry in Chile. Given the company’s mission, which focuses on satisfying the consumer and financial needs of the broad C3-D segment of the population, the company develops its activities serving this group of customers, for which it uses as its main channel of placement of funds the retail sale of various clothing products, accessories and household items through its 27 Multistores.
FacePhi has obtained a certification in accordance with the National Security Scheme (ENS), a mandatory recognition for all those technology companies that provide their services to public entities or to companies subcontracted by them. The ENS guarantees the protection of the information and data of Spanish citizens that are managed by electronic means, so that they cannot be intercepted, manipulated or eliminated by third parties.
The audit has verified that FacePhi’s digital onboarding technology development, maintenance and support services meet the required information security requirements.
The National Security Scheme is based on five dimensions: confidentiality, integrity, availability, authenticity and data traceability. This new recognition is a boost for FacePhi’s technology to be considered one of the safest for the General State Administration, since it has the highest quality guarantee.
TheQuality and Systems director of FacePhi, Jorge Félix, has indicated that through this mid-level certification the company adds a new compliance framework to its product line. Félix has assured that obtaining the ENS marks the strong commitment that the management is making to guarantee customers the highest standards in quality, safety and risk management.
In addition to the National Security Scheme, FacePhi also has other certifications that recognize the quality of its technology, such as ISO 30107-3 Level 1, ISO 27001, KISA K-NBTC and the recently obtained Pinakes certification.
FacePhi has obtained the Pinakes certification, a recognition that distinguishes the company as an approved technology provider for any Spanish bank. In this way, FacePhi’s digital identity verification technology becomes part of the supply chain of the Center for Interbank Cooperation, a banking association that promotes and develops ideas of interest to the sector, and which reports to the Bank of Spain.
The new European regulatory framework EBA/GL/2019/02 obliges European financial institutions to carry out security audits of all technology providers to whom they outsource critical tasks for the development of their operational and control functions. With the Pinakes certification, these providers go from having to carry out an audit per client to obtaining a single certification that is used by all Spanish banks.
In order to obtain this recognition, FacePhi’s security level has been evaluated in three aspects: integrity, confidentiality and availability, achieving a AAA rating, which means that the highest possible score has been achieved. Therefore, the financial entities that contract the company’s technology will have the reassurance that they are obtaining a higher level of compliance in information security and cybersecurity compared to other providers that do not have this distinction.
This certification provides facilitations in the application of the company’s solutions in all types of Spanish financial institutions, from the largest to the smallest, such as Saving Banks. A use that becomes easier thanks to the launch of FacePhi’s Digital Identity Platform that allows the implementation of its technology in all types of companies, regardless of their size.
FacePhi, a leader in user identity verification technology and a new member of Oracle PartnerNetwork (OPN) is announcing that its digital onboarding and facial recognition solutions are now available on Oracle Cloud Marketplace, a centralised repository of business applications offered by Oracle and its partners.
The availability of the innovative solutions on Oracle Cloud Marketplace will enable its millions of users to find technology for business management that is safe, simple, easy to integrate and improves the user experience.
Oracle Cloud Marketplace is a platform for Oracle customers seeking trustworthy business applications that offer unique corporate solutions, including those that amplify Oracle Cloud applications. Customers gain access to a variety of leading services to scale and modernise their workloads.
“This relationship will allow us to continue expanding into new markets, strengthen our presence in industries in which we are already prominent, such as finance, and give greater visibility to our identity verification solutions, as one of the first companies to provide digital onboarding and authentication in the Oracle Cloud Marketplace,” said Javier Mira, president and CEO of FacePhi. “We look forward to providing digital solutions for Oracle users and helping ensure safe and fast operations.”
FacePhi and Valencia CF have reached a collaboration agreement whereby the Spanish football club will become a global ambassador for FacePhi technology, promoting innovative digital identity verification solutions with other entities with which the team have a relationship -both nationally and internationally.
Valencia CF will expose the technology solutions to companies in the field of sporting events. The largest football event of the year will be the 2022 World Cup in Qatar, which will be held in Doha and feature the participation of 32 teams from around the world.
The strategic alliance was signed by Javier Mira, CEO and president of FacePhi, and Anil Murthy, president of Valencia CF. In 2021, FacePhi was selected to be part of the VCF Innovation Hub, within the club’s Fan Engagement category, thanks to its project to implement a biometric access system to Mestalla; a pioneering initiative in Spain that marked the company’s entry into the sports events industry.
Likewise, through this partnership, FacePhi becomes a sponsor to Valencia CF and a member of the VCF Business Club, which brings together a network of regional companies.
“Thanks to this collaboration with Valencia CF, our technology will be able to be present within any sporting entity worldwide, beyond the scope of Spanish football clubs. The signing of this agreement represents an excellent opportunity to reinforce our position within the sports events industry, working hand in hand with one of the biggest teams in Spanish football, and making clear that the application of our solutions improves the user experience in any industry -even in big sporting events,” said Mira, CEO and president of FacePhi.
Franco Segarra, Valencia CF’s director of innovation, highlighted the importance of this agreement. “FacePhi is a leader in digital identity. An innovative company from the Valencia region, it is present in the main financial institutions around the world. At the Valencia CF Innovation Hub, we identified FacePhi as a company that can help us to simplify digital procedures and facilitate technological processes for everyone (adults, children, and other fans). We always seek to improve the fan experience, making technology available to everyone. We are working together on projects that aim to add value to the entire fan community.”
FacePhi, a company specialising in identity verification solutions and a leader in the Latin American banking sector, continues to strengthen its position in the region thanks to an agreement, signed and announced last July, with Cencosud Scotiabank, Cencosud’s financial credit arm and one of the largest retail conglomerates in the continent. This agreement meant, in turn, entry into the Chilean market for the first time.
The project developed by FacePhi and Cencosud Scotiabank is based on the adoption of digital onboarding technology, thanks to which customers of the financial services company Cencosud Scotiabank will be able to request a credit card in a process that is 100% online. This process will be carried out entirely from the user’s own mobile phone, requiring a photo of their identity document and a selfie. These two simple steps will be enough to apply for the card which, thanks to the combination of capturing the identity document through optical character reading with facial recognition, will quickly and securely verify the identity of the person who has requested the card.
“It has been a very exciting and high-tech project so far, in which we have never lost focus on continually improving our customers’ experience, as well as keeping all their information secure and private. FacePhi has become a strategic ally for us, both for its advanced technology and for its team, with a high level of commitment and responsibility,” highlights Ariel Espinoza, Manager of Digital Factory Cencosud Scotiabank
“It is an enormous satisfaction to have entered Chile with a company as emblematic as Cencosud Scotiabank, whose initiative in the digitisation process will blaze a trail in the sector for the next few years,” explains Jorge Sanz, CRO of FacePhi.
“Since FacePhi began, we have focused on offering our technology to the banking and financial sector, two highly regulated areas that require high security standards and where the adoption of measures that facilitate and simplify accessibility for the client is essential. This experience allows us to adapt our identity verification solutions to industries that, without a doubt, are going to progressively incorporate this type of technology in their relationship with the consumer, as is now the case in the case of financial retail,” he stated.
With this new agreement, FacePhi strengthened its presence in the Latin American region, where technology is a leading factor in the financial sector. Throughout this year, the company has earned the trust of large financial firms, operations to which it added its arrival in Chile, one of the few countries in the region where the company had not yet become established.
Cencosud Scotiabank is a financial services company among the most prominent in Chile, in terms of its placement and number of clients. In the last period, it has worked hard to position itself as a digital frontrunner in the industry, making all financial and self-management services available to its clients through its website and mobile applications, with high security standards and continuously improving agility in the processes involved.
FacePhi, world-leading company in digital identity verification, continues to expand the use of its technology. More precisely, the company has just signed a contract with Aena (Spanish Airports and Air Navigation) after being awarded the public tender for “the supply and update of a facial biometrics solution” for its airports.
With the signing of this contract with the world´s largest airport operator by a number of passengers, which has a network that extends throughout Spain and other countries such as the United Kingdom -London-, Mexico and Brazil, FacePhi continues its expansion in the international airport sector. The company will be responsible for providing its digital onboarding and authentication technologies that will be applied to several passenger and employee management processes at the different Aena airports, which will be carried out exclusively with the knowledge and prior consent of the user and excluding its use for video surveillance.
In this way, FacePhi will be in charge of providing digital solutions for the different phases that passengers go through during their experience at an airport: from registration, check-in and access to the security area or VIP lounges, to the very moment of boarding a plane. Thus, the identity verification technology applied to these processes will speed up travel procedures and improve passengers’ experience, avoiding crowding and reducing physical contact with both airport staff and other passengers, among other advantages.
On the other hand, Aena will also extend the use of its technology to internal management and operation processes of its employees, such as carrying out maintenance, security or service activities. In this way, the safety of its workers and facilities will be reinforced as a whole, in addition to avoiding the use of paper or plastic identification cards, with the consequent environmental benefit and waste minimisation.
The initial contract has a duration of 4 years for a total amount of approximately 1.5 million euros.
Spanish technology company FacePhi, as reflected in its audited accounts for the first half of 2021, boasts positive data that supports the return to the high growth in sales which has characterised the company since its inception.
During this period, the company, which is listed under the dual listing formula, has continued to reinvest its resources in its growth and expansion and, thanks to its commercial strategy, increased its turnover to 4.15 million euros; 60% more than in the first half of 2020, a figure that confirms the results forecasted in July.
Due to the strong investment made in organic growth, the company has presented a negative EBITDA of 565,603 euros, a result in line with the previous year but which represents an improvement of 6.76 percentage points in the EBITDA margin for sales.
Expansion into new markets and industries
This positive variation in the company’s accounts is supported by the uninterrupted momentum in its commercial evolution, which has led to the initiation of new projects with large companies in the financial sector, and to the entry into new industries; all this, aligned with a constant evolution and consolidation in markets such as Latin America, EMEA, Asia-Pacific and Spain.
In its firm intention to continue with its international development strategy, during the first half of 2021 FacePhi made the move into Africa with the help of Nigerian company Afrilight Technologies, which was also the first project by the Spanish company for a public administration.
More recently, there has been the arrival in the Chilean market -opening up the travel and transportation industry through a project with one of the largest airlines in Latin America-, and that sporting events through its collaboration with Spanish football club Valencia CF. In addition, FacePhi, in its expansion into Asia, took its first steps in the Vietnamese market through Pinetree Securities, the main financial company specialising in online investment services in the country.
Likewise, it has reinforced its marketing model, supported by large international partners such as Revelock, with which it offers more than 90 million users the combination of biometrics and behaviour analysis, and Swiss firm ITSS, specialists in banking software integration, to accelerate bank digitisation through its network of more than 220 banks worldwide.
Growth in human capital
In terms of its commitment to continuing to grow steadily and exponentially, FacePhi incorporates new qualified talent to its team to reinforce its organisational structure and optimise the development of its roadmap; The company reached the midway point of 2021 with a team of 124 professionals, which represents an increase in the workforce of more than 103%. The company leans towards more flexible work models, where a large percentage of the team works in a hybrid or completely offshored way, which has allowed FacePhi to access and incorporate specialist talent from anywhere in the world into its structure.
FacePhi is taking the definitive leap towards leadership in digital identity verification with this multi-biometric, single solution recognition platform, which will be presented at Money20/20 Las Vegas, the largest fintech event in the world. The Spanish firm has launched its new modular platform, FacePhi Identity Platform, a flexible solution capable of combining different biometric solutions within the same tool and available in different architectures, with which to offer greater adaptability to needs in terms of regulatory compliance and particular requirements of any country, industry or use case where it is applied.
The development of this customisable, codeless platform represents an important evolution for the company, which moves from providing individual biometric solutions to providing a tool that allows each company or public entity to design, in a customised way and according to their needs, their digital onboarding processes and authentication. This modular solution incorporates control of operations in real time, a dashboard with the most important performance indicators (KPIs), as well as a record of transactions and statistics, among other functions.
The increase in cybersecurity and greater protection for the user in their digital interactions is another of the highlightable aspects of the FacePhi Identity Platform. Thanks to its combination of different biometric solutions, the platform offers authentication through multiple factors, and is more effective against fraud attempts and identity theft. Furthermore, continuing the philosophy of ‘ethical biometrics’ promoted by the company, the recognition performed by the technology will always continue to be consented to by the user and their information will be treated with maximum privacy -and in accordance with the applicable data protection legislation.
“The development of a multibiometric platform is a natural evolution for FacePhi, both because of our experience in designing different biometric solutions for identity verification and because of the change that our society is experiencing in its relationship with the digital environment,” explains Javier Mira, President and CEO of FacePhi. “In an increasingly digitised world, people need to interact with companies and public administrations more quickly, comfortably and safely, with the guarantee that their personal information will always be processed appropriately and with their prior consent. Our modular platform responds to the need to adapt to all types of casuistry and users, offering a flexible model that allows accessibility to various regions, industries and use cases.”
FacePhi is currently in an important moment of expansion, with the consolidation of its presence in South Korea, maintaining a strong leadership in its sector in Latin America and entering new markets such as Chile, Vietnam and Nigeria. In parallel, the company has grown in its structure, doubling its team of professionals in 2020 and currently employing more than 150 people. In the last year, the Spanish firm has also initiated a change in its marketing model through partners of great international relevance, expanding its ability to enter new markets and sectors.
After the presentation of its latest product, the company will remain at Money20/20 until the close of the current edition, which is being held in Las Vegas and will run until October 27th
FacePhi, a leader in technology for identity verification and a company listed on the BME Growth and Euronext Growth markets, has presented its results preview for the first half of 2021 and changes in its Board of Directors.
The company gains momentum and raises its revenue to 4.15 million euros, 60% more than in the first half of 2020. This increase in revenue reflects the constant growth that the company has experienced in markets such as Latin America and Asia-Pacific, regions where in recent months it has started projects with important companies belonging to the financial sector and has taken its first steps in new sectors.
Growth and investment in structure
As part of its commitment to investing in its growth, FacePhi continues to strengthen and optimize its organizational structure to confidently address its roadmap. In this way, it has continued to increase its workforce and promote its marketing model supported by large international partners, such as ITSS or Revelock.
In this sense, FacePhi has closed the equator of 2021 with a team of 124 professionals, which represents a staff increase of more than 103%.
During this period, there has been an increase in the number of new clients that has been reflected in the income obtained. Due to the strong investment in growth, the company has a negative EBITDA of 581,734 euros, which represents a considerable improvement compared to the first half of the previous year, very similar to the previous year’s result but an increasement of 6.2 percentage points in the margin EBITDA / revenue.
The consolidation of FacePhi in its main markets has been accompanied by the entry into new countries and sectors. Thus, in the first half of 2021 the technology company landed in Vietnam with the financial company Pinetree Securities and made a leap to Africa with the help of the Nigerian company Afrilight Technologies. In addition, recently, the Spanish firm has entered the Chilean market and opened two new sectors, that of airlines and that of sporting events, the latter with Valencia CF.
On Friday 23rd July, Salvador Martí announced his decision to resign from all his current positions, thus ending his time as Chairman of the Board of Directors.
The Chairmanship of the Board of Directors will be taken over by Javier Mira, current CEO and co-founder of FacePhi, and the Vice-Chairmanship by Fernando Orteso, current Member of the Board of Directors, in order to maintain the growth and development of new projects in which the listed company is immersed.
In Martí’s words, “This decision stems from the need for me to pay more attention to the CF Intercity project, which has recently been promoted to the next category and will soon go public”. He added: “FacePhi is a project with great growth potential and I am still fully committed to it, so this decision will not affect my participation in the company. The situation of expansion in which FacePhi finds itself, and the trust in the great team of professionals that are part of it, has allowed me to communicate the change with the certainty that my departure will not affect in any way the good development that the company is having”, concludes the co-founder and maximum shareholder of the company.
According to Mira, “Salvador’s decision is brave and understandable from the point of view of an engaged entrepreneur, and despite his departure, I am convinced that he will remain very close to the FacePhi project. He has been an extraordinary travelling companion to whom I have nothing but words of thanks”.