Remote Onboarding Boom Helps to Propel Mitek Higher in FY Q3 Update

The boom in selfie-based biometric onboarding is once again in the spotlight thanks to a quarterly update from Mitek.

For its fiscal third quarter, ended June 30, 2021, the company is reporting revenues of just under $31.8 million – a 25 percent increase, year-over-year. Its net result for the quarter amounted to an income of $2.985 million, a significant improve compared to its net income of just under $1.35 million in the corresponding period of 2020.

Breaking down the results in a statement, Mitek indicated that transactional identity verification revenues had increased 33 percent year-over-year, while its deposit solutions increased 23 percent.

The growth reflects enthusiasm for Mitek’s identity verification technology, which revolves around the use of facial recognition to match end users to their identity documents; as well as demand for Check Fraud Defender, which financial services institutions can license to streamline their check deposit processes. Mitek says five of the top 25 US banks have licensed the solution so far.

In its update, the company also highlighted another important development from the quarter: its acquisition of ID R&D. The latter offers voice and face recognition technologies, with a particular focus on passive liveness detection and anti-spoofing technologies that can help to spot signs of fraud in which imposters try to pose as legitimate end users.

“We are pleased to report an all-time record revenue quarter with strong growth from both our identity and deposits businesses,” said Mitek CEO Max Carnecchia, adding later, “With both the acquisition of ID R&D and the introduction of Check Fraud Defender this quarter, we continue our commitment to building trust in the digital world.”

Mitek’s update arrives after the company announced the appointments of a new Chief Financial Officer and a new board member in June.

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August 3, 2021 – by Alex Perala