FaceTec Delivers Massive Revenue and Usage Growth in Q4/2021 Update

“… FaceTec highlighted a number of particular business developments from the fourth quarter of 2021, including a contract for the DHS TVPS program in collaboration with Leidos, a renewal of a contract to provide Canada’s Parliament with remote identification software, and the launch of a major project for First Abu Dhabi Bank, in partnership with gDi.”

FaceTec has provided an update for Q4 and its 2021 fiscal year, and has once again delivered impressive results.

Revenues for the fourth quarter were up 217 percent year over year; for the full fiscal year, revenue growth was up 246 percent. And the company’s 3D Liveness Check solution has seen particularly strong adoption, with FaceTec reporting usage growth of 268 percent year over year for 2021, and a 302 percent year over year jump in usage growth in the fourth quarter in particular.

All of this has happened against the backdrop of an ongoing pandemic that has accelerated the longstanding trend of digital transformation across a broad range of sectors. That trend has dovetailed with growing demand for identity security solutions, with FaceTec having established itself as a clear leader as a vendor of such solutions thanks to its highly sophisticated 3D facial recognition technology.

“Our outstanding performance in 2021 is a clear indicator that our unique 3D approach to remote digital identity is resonating globally,” commented FaceTec CEO Kevin Alan Tussy, adding later, “I can’t thank our partners and the incredible team at FaceTec enough for their dedication and hard work over the last twelve months.”

Beyond the overall growth trends, FaceTec highlighted a number of particular business developments from the fourth quarter of 2021, including a contract for the DHS TVPS program in collaboration with Leidos, a renewal of a contract to provide Canada’s Parliament with remote identification software, and the launch of a major project for First Abu Dhabi Bank, in partnership with gDi.

FaceTec also upgraded its portfolio of Software Development Kits during the fourth quarter, adding barcode reading and chip scanning functionality that can dramatically reduce the cost of onboarding new users.

Looking to the year ahead, Tussy expressed confidence that FaceTec will continue to build momentum. “I believe our partner network will be the force multiplier that drives our 2022 growth beyond what we saw in 2021,” he said.

–

January 28, 2022 – by Alex Perala