T Stamp Inc (NASDAQ:IDAI, EURONEXT:AIID), doing business as Trust Stamp, announced an amendment to its existing software and licensing agreement with a Fortune 500 financial services customer, extending the contract through May 31, 2031.
The agreement, originally signed in November 2016, includes customary cancellation provisions and reflects adjustments to the fee structure to accommodate increasing usage of Trust Stamp’s technology.
The updated terms include guaranteed minimum monthly fees and annual increases linked to inflation.
Based on the minimums outlined in the amended contract, the gross revenue over the remaining term could exceed $12.7 million.
“We have been proud to support our customer with market-leading technology initiatives over the last nine years and are excited by the continued partnership and growth potential as we jointly develop consumer-friendly solutions that empower people and businesses alike,” Trust Stamp CEO Gareth Genner said in a statement.
He noted that the customer is a Fortune 500 financial services leader, and one of the largest issuers of private-label and co-branded credit cards in the US.
“With deep marquee partnerships across retail, healthcare, and digital platforms, the group combines scale, innovation, and financial strength to deliver consumer financing solutions trusted by tens of millions of Americans,” Genner said.