FacePhi breaks revenue record
20 January 2020 18:40 GMT

FacePhi beat its own record with a growth of 82.88% compared to 2018, which has allowed it to reach a net turnover of over 8.2 million euros ($9.09 million), as it was announced today in the annual non-audited results preview, officially presented at an event held at Palacio de la Bolsa in Madrid.

The positive results shown in the volume of business have been extrapolated to the stock market, where the listed company has been active since 2014 in the MAB. The client portfolio expansion in Latin American countries and the technological collaboration with entities such as CaixaBank are some of the actions that have driven the revenue increase and the good results in its stock market price. This has led it to be the highest-growth value in the Spanish stock market during 2019 with 316%.

This way, FacePhi consolidates its good progress and breaks a new record by far, exceeding the results of the previous year, when it achieved a turnover of 4.48 million euros. FacePhi accounts also show a good record in EBITDA since it has reached 3.11 million euros, which represents a significant increase of 143,32% regarding 2018 results.

FacePhi has signed 13 agreements during 2019 for the provision of its services with reference banking entities and also from the health sector in their respective countries located in the LATAM area. Thus the fintech company has signed contracts with the Mexican platform Albo; in Panama with the financial entity Banesco and Banco General de Panamá; in addition to Banco de Crédito de Perú, Banco del Sol and Banco Supervielle, both in Argentina; Banco Bolivariano of Ecuador, the banking group HSBC of Uruguay, and the Argentine insurance company Swiss Medical Group, among other entities.

The strategy of strengthening its business activity in the financial sector of the South American cone will be replicated in the Asia-Pacific area with the creation of a head office in South Korea. In the coming years, the APAC area will be essential for the international consolidation in these markets, where there is a strong demand in the application and use of biometrics and identification technologies. The international brand expansion has led the company to maintain its presence in prestigious events such as Money 20/20.

Likewise, FacePhi has strengthened its financial situation by closing a corporate operation this year through the investment agreement signed with Nice & Green for 4 million euros, thus enhancing the organic growth of the company and accelerating the business development in the Asian and Latin American markets.

In Spain, the alliance established with CaixaBank for the application of facial recognition in the financial institution ATMs has also been a significant milestone of 2019, since thanks to this project, CaixaBank has become the first bank in the world to offer its customers the possibility of making refunds at their ATMs through facial recognition.

In this sense, Javier Mira, FacePhi’s CEO, has pointed out that "the growth registered in 2019 is not our goal, but the confirmation that we must continue in the same line of action started to go even further. We have to keep on working in Latin America, develop our project for Asia from Seoul, and consolidate our capitalization commitment to grow still further with our future stock market listing in the Euronext Growth."

In 2020, the company will start trading on the French Euronext Growth exchange, dedicated to SMEs, as an entry formula to attract new European investors and access this market.

Mira has stressed that “the most immediate objective is to continue advancing in technological applications within the fintech field to sustain our leadership in authentication and identification services."

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