Trust Stamp is taking a look back at a successful 2021 campaign. The company is best known for its privacy-oriented onboarding technology, which uses face and document recognition to match a selfie of the user to the image on a photo ID.
In that regard, Trust Stamp has been one of the beneficiaries of the increased demand for remote identity verification options. The company has grown at a steady clip in the past year, and is now reporting that its total number of clients went up 50 percent in 2021. That expanded client roster includes the US Department of Homeland Security, which became Trust Stamp’s first GovTech customer when it signed a $3.92 million initial contract with the company.
Trust Stamp is hoping that that contract will serve as a gateway to the broader GovTech market. In the meantime, 2021 was also a strong year for the company on the equity front. The company raised in $12.84 million in equity in 2021, and has now brought in just over $30 million in total. The $12.84 million figure is nearly double the $6.5 million that Trust Stamp raised in a Series A crowdfunding campaign in 2020.
That money was used to grow the Trust Stamp team from 75 to 99 employees, and to help open a new R&D campus in Rwanda. The company now holds 11 patents (with another 12 pending), and has moved into the cryptocurrency space with the launch of a new Cryptovault security product and a Metapresence subsidiary geared toward crypto assets.
“Despite exceptional market conditions, we were able to achieve record growth in every aspect of our business,” said Trust Stamp CEO Gareth Genner. “Our momentum coming out of 2021 has positioned us to further accelerate our growth, with the capital, team, technology, clients, and prospects needed to target another record year.”
Trust Stamp’s year-over-year billed revenues jumped 195 percent in the fourth quarter, and are up 121 percent for the full-year period. However, both of those revenue figures have not yet been audited, and are Non-GAAP calculations. The company did achieve an OTCQX listing, while its market capitalization went up 195 percent.
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January 11, 2022 – by Eric Weiss
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