FacePhi

Founded in Spain, FacePhi offers a wide range of facial recognition identity authentication solutions for transaction approval and digital onboarding. FacePhi’s Selphi software allows the user to conduct ID authentication by using a selfie. The selfie is encrypted and sent to the bank’s database to be used in payee authentication. The encryptions ensure the user's privacy as the full image is not sent to the bank. The company’s revenue increased by around 143% during the first half of 2020 (compared to the same period in 2019) on account of agreements with 10 new clients, compared to 13 new customers during 2019 (full year), indicating the growth potential of the company.

In May 2021, FacePhi partnered with Revelock, a Spanish fraud detection company, to provide comprehensive identity verification and fraud prevention solutions for financial institutions. In February 2022, the company partnered with software company Oracle Cloud Marketplace, for the latter to work as a distributor for FacePhi's digital onboarding and facial recognition solutions. In November 2021, the company also partnered with airport operator Aena to offer identity verification for passengers and employees at a price of USD 1.7 million for four years. With the aim of expanding presence in the LATAM region, FacePhi established a regional office in Uruguay in March 2022, followed by an agreement with Hites, a Chilean department store, to use remote selfie onboarding technology to let Hites’ customers apply for credit cards online. In May 2022, FacePhi opened another office in the UK to serve Europe, the Middle East, and Africa (EMEA) regions.

Funding and financials

During the fiscal year 2022, FacePhi recorded net revenues of EUR 2.2 million ( ~USD 2.3 million), growing 69% YoY, and an adjusted EBITDA of EUR 4.3 million ( ~USD 4.6 million), unchanged from the previous year.