authID.AI Inc revealed its second quarter results that showed a bump in revenue and a slimmer loss.
The biometric identity verification company, formerly known as Ipsidy Inc, reported total revenue for the three-month period to end June 30, 2021 of $0.6 million, an increase from the $0.3 million it reported in the same period a year earlier.
Net loss for the quarter decreased by 12% to $3.1 million or $0.15 per share from the $3.5 million or $0.20 it saw a year ago.
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The Denver-based company credited its positive quarter to numerous agreements with fintech companies, technology solutions providers and payment processors that are nearing completion.
During the quarter, the firm completed the integration to Temenos core banking platform, which is set to launch in 3Q 2021 with a North American bank.
It was also selected by CU NextGen to use authID’s biometric identity authentication solution for its credit union clients, and by payment processor On The Fly POS for its clients.
The group also expanded its partner network in the Americas through an extended agreement with Inetum covering the North and Central American regions.
“In the last month, we began the process of launching our exciting new authID brand with a vision to help every organization ‘Recognise their Customers” without friction or loss of privacy,” said Tom Thimot, CEO of authID.ai, who joined the company during the quarter.
“To realize our mission to eliminate passwords and become the preferred platform for biometric authentication, our new leadership team will drive success by leveraging channel partnerships as a force multiplier. The authID team will also launch our campaign to service the US market with new self-service capabilities aimed at quickly onboarding thousands of small and medium-sized businesses, who can benefit from our low-friction identity proofing and authentication services.”
The authID.ai Identity as a Service (IDaaS) platform delivers a suite of biometric identity proofing and authentication solutions to establish security and trust in the digital world.
authID.ai is aiming to eliminate all passwords and become the preferred global platform for biometric identity authentication.
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