FaceTec reports 293% YoY Q2 revenue growth

FaceTec reports 293% YoY Q2 revenue growth

FaceTec, a leader in 3D face authentication software, continues to grow at an unprecedented rate, demonstrating the critical need for accessible and effective biometric cybersecurity.

Along with the exceptional revenue growth and many notable direct new customers in Q2 2021, such as PicPay, the largest payment provider in Brazil with 50M+ users, FaceTec also welcomed 10 new partners, expanding its global partner total to 74:

  • Batelco – Public2 (Bahrain)
  • HumaNode (Georgia)
  • Keydok (Mexico)
  • Latinus – Edgesoft (Ecuador)
  • Onfido (United Kingdom)
  • Sahal (Pakistan)
  • Scytáles (Sweden)
  • SmartOSC (Vietnam)
  • Sweeft Digital (Georgia)
  • VeryMe (Netherlands)

“There is extremely high demand for our software because secure account creation and ongoing access have never been more important. Our customers represent virtually every use case for remote identity verification, face authentication, and age estimation; from dating apps to the U.S. Department of Homeland Security, from mobile payments to voting by Canadian Parliament, and everything in between,” said Kevin Alan Tussy, CEO of FaceTec. “FaceTec adds a unique 3D biometric security layer across all remote access scenarios by verifying the user’s biometric data, and that the user is very much alive and physically present at that time. “PKI” and “in-device biometrics” do not confirm the identity of the user, and as we’ve seen with the SolarWinds breaches, not knowing who is actually holding the device can have devastating consequences.”

In Q2, FaceTec worked to overcome the “PKI Fallacy” with contributions to the knowledge base of groups like the U.S. Dept of Homeland Security, the U.K. Home OfficeENISADIACCAAMVA, and the Better Identity Coalition.

FaceTec brought on new technical support personnel in LATAM, as well as added Dean Mericka as SVP of Growth & Partnerships. Dean brings incredibly deep industry experience as the former chief revenue officer of both Jumio and Au10tix.

“Organizations across the spectrum are realizing that legacy in-device authentication, such as PIN numbers, passwords, fingerprint, 2D face, or their multi-factor combinations, are not proving to be secure,” said Jay Meier, SVP of North American Operations at FaceTec. “Today’s device authentication methods are often defeated because they are paired with nonexistent or weak in-device user identity authentication. How can PKI and device authentication actually be deterministic if we are still not proving who is truly using the device? In fact, this false sense of identity security enabled the SolarWinds breaches and rampant pandemic stimulus and unemployment fraud. Any time the authenticator is separated at least one degree from the authorized human, the PKI Fallacy vulnerability exists. It’s time the industry accepts this fact and embraces tech that can positively verify and authenticate the biological user, not just the device.”