iProov: Securing online safety with biometric authentication
Founded in 2011, iProov is a leader in online facial biometric authentication, working with governments, banks, and other enterprises to securely verify customer identity.
According to Juniper Research, companies are gearing up to spend nearly US$17bn globally on digital identity verification technology by 2026, representing a 77% increase on the estimated US$9.4bn spent in 2021.
Last year’s revenue showed an increased in demand for iProov’s services, with revenue for 2021 tripling the previous year’s results. During a single 10-day period in 2021, online verifications surpassed the number achieved in the whole of 2020. In addition, iProov delivered more than 1 million verifications in a single day several times throughout the year.
Digital identity solutions
iProov recently announced that it is continuing the expansion of its Genuine Presence Assurance and Liveness Assurance technology to increase online trust in the Americas.
Ignition-Innovation has selected iProov’s award-winning face verification and authentication technology for its new digital identity solution, TruMeID, in Trinidad & Tobago.
TruMeID provides consumers with a digital identity solution that facilitates secure access to a range of online services. In-person counter services can be replaced with convenient, secure web and mobile access, delivering greater inclusivity and return on investment in the form of economic growth. TruMeID also helps organisations to prevent fraud and other online crime by ensuring that only the right individual has access to their account and data.
“After exhaustive research, the team at Ignition Innovation selected iProov as our key partner for liveness and facial verification for our TruMeID solution for the Caribbean. The superior facial verification technology, as well as the support from the team, their willingness to help and the spirit of collaboration makes us certain that we selected the genuinely superior solution to integrate into our identity module,” said Jeston Lett, Ignition-Innovation CEO.
Rising demand calls for further expansion
To meet the increased demand for iProov’s services, the company increased staff by 64% across all business areas and geographies from December 2020 through December 2021, with a focus on adding even more new iProovers in 2022.
“iProov is giving people access to what is quickly becoming a basic human right: the ability to assert your identity online safely, securely and ubiquitously, with your privacy protected. That higher mission is what drives everyone at iProov to work in such a focused and productive way. The result is a profitable year, ending with a very strong and robust cash position alongside many successful achievements across our business,” said Andrew Bud, Founder and CEO, iProov.
