FacePhi, a leading technology company specializing in verifying users’ digital identities, has shared unaudited results for the first half of 2022, marking the strongest performance in its history. The company, now publicly traded, posted revenue approaches of 7.86 million euros in the early months, reflecting an 89.4% year‑over‑year increase from 2021 and surpassing the total turnover achieved in 2020. This growth stems from securing new contracts and renewing or expanding existing ones, underscoring substantial growth potential and an ambitious global expansion strategy.
In advance results, the company reported a positive EBITDA of 455,869 euros, more than doubling the figure from the first half of 2021 and boosting the EBITDA margin by 19.4 percentage points over sales. The rise in earnings accompanies a sharp revenue lift, while operating expenses also rose by about 70% in the first half of 2022 due to investments aimed at accelerating worldwide commercialization of its solutions.
International structural growth
During the first half of the year, FacePhi expanded its international footprint, strengthening its presence in Latin America with the March launch of FacePhi LATAM, its second subsidiary intended to support projects across the region, with Uruguay serving as a key hub. In parallel, the company accelerated its European, Middle Eastern, and African expansion by forming a third subsidiary, FacePhi EMEA, in the United Kingdom in May. This office will coordinate project management, marketing, and operations in the Anglo‑Saxon markets and will drive new business opportunities in the UK and other strategic countries within the EMEA region.
FacePhi APAC has benefited from these expansions as well, with the consolidation of a global team including two new subsidiaries in South Korea since 2019. The integrated global structure enables continued leadership in a fast‑growing market by prioritizing sales and the internationalization of its solutions.
FacePhi began 2022 with a renewed strategic push to revolutionize its business model through the FacePhi Identity Platform. This scalable authentication solution is already deployed with a growing base of customers, providing access to a new multi‑biometric platform. The product enables clients to start using the technology immediately, bypassing lengthy deployment cycles, while accelerating technology adoption and expanding partner collaborations.
Empowerment in human capital
The company now employs over 200 people across its headquarters and subsidiaries. This expanded team emphasizes marketing, research and development, and the advancement of new technologies to keep the authentication sector at the cutting edge. With a robust, proven product, FacePhi is positioning itself to move into new markets and broaden the adoption of its technology.
Strategic expansion into new industries and markets
During the term, the company entered Nicaragua after reaching an agreement with a major bank, BAC Credomatic, marking its first foothold in Central America. In Latin America, FacePhi also signed a deal with a major retail firm in Chile, continuing momentum from 2021, and advanced collaborations with European financial players, including a Spanish firm specializing in consumer loans and auto financing. In addition, the company formed a new industry partnership in shared mobility with WiBLE, a car‑sharing service backed by Repsol and Kia. Government sector momentum followed, with FacePhi’s technologies being deployed to authenticate patients at Melilla District Hospital and Ceuta University Hospital, and at the primary care level in both cities.
The company also extended its portfolio through new alliances and joined the Oracle Partner Network, presenting its solutions in Oracle Cloud Marketplace to reach a broader set of potential customers.
Quality guarantees
FacePhi earned multiple certifications, underscoring its commitment to top quality in the field and confirming the reliability of its product for customers and end users. Notable among these are ISO 30107-3 Level 2, which validates the technology’s resistance to impersonation or spoofing, and ISO 22301, which ensures business continuity in crisis situations. The company also received certification under the National Security Plan (ENS), a recognition for companies working with government agencies or their contractors, and Pinakes certification, distinguishing FacePhi as an approved technology provider relative to national banking institutions.
Looking ahead, 2022 is shaping up as an extraordinary year in terms of turnover and positive EBITDA, with figures that are nearly three times the level reached in the same period the previous year. FacePhi continues its expansion and progress, aiming to become an international benchmark in the digital authentication sector.
Javier Mira, President and CEO of FacePhi, stated, “This year 2022 starts on a high note with very positive results that reflect where we are focusing our efforts as a company. We are making our business model more repeatable and scalable, and building a cohesive, multidisciplinary team that enables us to bring our technology to more industries and regions while expanding the range of use cases.”