iProov: Providing biometric authentication for online safety

After raising $70 million, we take a look at biometric authentication company iProov as demand for online identity verification soars

Launched in 2013, 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 $17 billion globally on digital identity verification technology by 2026, representing a 77% increase on the estimated $9.4 billion spent in 2021. 

Last year’s revenue shows a drastic increase 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. 

 

Rising demand calls for further expansion 

To meet the increased demand for iProov’s award-winning 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,” said Andrew Bud, Founder and CEO, iProov. “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.”

 

A recognised technology company

iProov won a number of awards in 2021. These included recognition in the Deloitte Fast 50 of fastest-growing technology companies in the UK for the second year in a row and the naming of Andrew Bud as one of the Top 50 Most Ambitious Business Leaders. Earlier in 2021, iProov took home the 2021 Global InfoSec Award for Biometrics Next-Gen, three Cybersecurity Excellence Awards, and a Cyber Security Global Excellence Award for Best Biometric Solution.

“One of our values at iProov is that we ‘Achieve the Remarkable’ and we have certainly done that in 2021, in so many ways,” said Bud. “While we celebrate our achievements, we now look forward to the infinite opportunities and growth prospects that lie ahead for iProov in 2022.”

iProov’s patented technologies, Genuine Presence Assurance and Liveness Assurance™, are trusted by many of the world’s most security conscious organizations, including the U.S. Department of Homeland Security, the UK Home Office, the UK National Health Service (NHS), the Australian Taxation Office, GovTech Singapore, Rabobank, ING and others. 

 

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