FacePhi Business Update Signals Ongoing Growth in Unprecedented Times

“In a situation of generalized economic paralysis due to the health crisis of Covid-19, these financial results show the great effort that the company is making to continue being a benchmark firm in the field of biometric solutions, with a growing presence among large banks, financial groups and the health sector.” – Javier Mira, CEO, FacePhi

FacePhi has provided a corporate update showing that the company has maintained a strong growth trend despite taking a financial hit during the year of the pandemic.

Looking back on 2020, FacePhi reports that it brought in €7,266,240 in revenues during the year. That’s a decline of 11.34 percent in comparison to 2019, but, as the selfie biometrics specialist noted in its update, it’s a positive sign given that FacePhi employees weren’t able to make business trips since last March.

FacePhi’s gross operating profit of €903,822 also reflects a downturn compared to its EBITDA of €3.08 million in 2019. But this belies a much more positive trend: FacePhi more than doubled its staff during 2020, hiring an additional 35 people to bring its total roster to 61. This, the company says, is the primary reason for the decline in profit.

Growing demand for FacePhi’s remote authentication and onboarding technology, together with the company’s acquisition of Ecertic and its intensifying efforts in the APAC market, prompted the need for FacePhi to maintain a “focus on the professionalization and growth or the organizational structure,” which meant bringing more highly skilled individuals onto the team.

Commenting further on the overall results, FacePhi CEO Javier Mira said, “in a situation of generalized economic paralysis due to the health crisis of Covid-19, these financial results show the great effort that the company is making to continue being a benchmark firm in the field of biometric solutions, with a growing presence among large banks, financial groups and the health sector.”

The update comes after FacePhi’s announcement in December that it had secured €33 million in financing. The company indicated that the financing will help to fuel its ongoing growth, with Mira indicating that much of the funding will be poured into technological innovation and commercial business development activities.

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February 1, 2021 – by Alex Perala