FacePhi presents their audited accounts for 2020

The company reaches an EBITDA of 858,741€ and doubles its workforce

FacePhi, a leading Spanish company in user identity verification technology, obtained in 2020 a revenue figure of from the sale of licenses of 7,266,240 €, as reflected in the presentation of its audited consolidated Annual Accounts for the 2020 financial year. The company thus confirms the figures published in its Preview of Results of February 1st, confirming that it closed the year with an EBITDA of 858,741 €.

During 2020, the company continued to increase the number of contracts, reaching a total of 22, which represented an increase of 69% compared to the 13 signed in 2019. Despite the fact that the pandemic prevented travel related to the company’s business, the technology company managed to remotely sign agreements.

Despite having increased the number of contracts compared to the previous year, the revenue and EBITDA have decreased by 11.33% and 72.08% respectively, which is attributed, mostly, to budget reductions from customers as a result of the health crisis, which made them generally buy license packages in a more conservative way. However, this trend is expected to reverse during 2021 and the next few years, as the need of these customers for the use of licenses grows and it becomes necessary to acquire new packages.

Another factor that had an impact on the company’s gross profit was the increase in personnel, which doubled its workforce in order to face the growth in the number of projects.

Growth and expansion

During 2020, FacePhi continued to boost its client portfolio and its international presence thanks to the rise of contactless technologies and a growing demand for biometric solutions and digital onboarding systems. This significant upsurge of interest in this type of solution led FacePhi to acquire the Ecertic technology, allowing the Alicante company to considerably improve its digital onboarding technology.

2020 has also been the year in which the company consolidated its headquarters in South Korea through large projects with giants in the banking sector, such as KB Securities, Hanwha Investment & Securities or HancomWITH, as well as with its entry in the health sector thanks to the project developed for the Kangbuk Samsung Hospital.

In addition, the firm maintained its leadership in the Latin American market, where during last year it has carried out projects with significant social impact, such as the remote life certificate system for collecting pensions developed for Banco Supervielle or the app for fast and secure advances of payroll together with the fintech TuSueldoYa!

In order to gain visibility, transparency and trust towards its investors and clients, the company began trading under the dual-listing formula, starting its journey at Euronext Growth in Paris, thus improving its presence in the European market.

Also, with the aim of offering its clients the maximum guarantees in its information security policy, FacePhi obtained the iBeta certificate from NIST, ISO 30107-3, after its liveness test and biometric facial identity verification technology overcome all the attacks required by this standard, one of the most demanding in the industry.

To address this growth, the company continued to focus on the professionalization of its organizational structure, which led to the incorporation of 34 new employees during the year, reaching a workforce of 60 people. The objective of these new incorporations is the growth of the commercial and technical team, which will favor geographic expansion to new regions and sectors and the improvement of technology.

Change in the marketing model

FacePhi is now in the process of growth and expansion, laying the foundations to configure itself as a large company. To achieve this, the Alicante company is carrying out a change in its marketing model, where the sale by means of partners gains relevance, thus being able to expand the capacity to reach the market and enter new sectors and regions in an easier and quicker way.

Awards and honors

For its performance in 2020, FacePhi won the 2020 National SME of the Year Award, awarded by Banco Santander and the Spanish Chamber of Commerce. This award, one of the most prestigious in the business world, recognizes the company’s work in developing cutting-edge technology and its upward trajectory in a disruptive sector. Another prominent recognition is its inclusion in the international RegTech100 list as one of the best companies in the world for regulatory compliance (regtech).

In the words of Javier Mira, CEO of FacePhi “the important milestones and recognitions that have characterized our 2020 financial year are a clear sign that the company, in its current process of growth and expansion, has taken exactly the path that investors and clients expect from it: a growing company of recognized prestige, with a highly qualified staff and solutions focused on the commercial and technological needs of the present”, concludes the CEO of the company.