Keyless Reports Unprecedented Growth in Biometric Authentication for 2024
Keyless Reports Unprecedented Growth in Biometric Authentication for 2024
2024 has proven to be a historic year for Keyless, a pioneering company in the realm of privacy-preserving biometric authentication. The firm has recorded astonishing growth, with a staggering 657% increase in annual recurring revenue year-over-year and a forecasted 780% growth by the end of this year. This remarkable achievement marks a significant milestone in Keyless's mission to redefine identity verification and authentication in various industries, including banking, fintech, and gaming.
A cornerstone of Keyless's success stems from its strategic partnership with one of the top ten European banks. Within the first year of collaboration, the bank benefitted from an impressive $4.1 million in savings on helpdesk and SMS One-Time Password (OTP) services. Furthermore, they observed a remarkable 77% reduction in account takeover fraud, decreasing from 4.3% to 0.97%. The partnership also significantly expedited account recovery processes, allowing customers to utilize self-service facial biometric solutions that are five times faster than traditional methods reliant on call centers.
In line with its ambitious expansion strategy, Keyless has strengthened its team by onboarding high-profile advisors. Alessandro Profumo, the former CEO of Leonardo and UniCredit, alongside Francesco Caio, ex-CEO of Cable & Wireless and Poste Italiane, have brought invaluable expertise in financial and technological sectors to Keyless's European team. In the United States, the company has attracted notable figures, including Sarah Clark, former Senior Vice President of Digital Identity at Mastercard, and Charles Walton, recognized for his roles in decentralized identity initiatives at Mastercard and Avast. These strategic hires are aimed at reinforcing Keyless's commitment to global growth and innovation in the privacy space.
Reflecting on this transformative journey, Andrea Carmignani, CEO and Co-Founder of Keyless, expressed gratitude to customers and partners for sharing in the vision of redefining authentication. "This year has exceeded our expectations in terms of market traction and technological milestones. We are excited about what lies ahead in 2025 and beyond," he stated.
In 2024, Keyless also introduced an innovative feature known as the Keyless IDV Bridge, designed to streamline the identity verification and authentication processes. This pioneering solution allows existing users to be enrolled silently into the Keyless system en masse. New users can be incorporated during the Know Your Customer (KYC) procedures at banks, eliminating the need for separate enrollment stages and thereby simplifying integration with various authentication providers.
As the year concludes, Keyless stands tall, celebrating outstanding growth and a strengthened foothold in the financial services sector. The company's privacy-preserving biometric technology has gained widespread acceptance, including adoption by one of Europe's largest banks, with additional partnerships expected in early 2025. Against the backdrop of increasing demand for robust multi-factor authentication solutions that prioritize privacy, Keyless is poised to lead the charge in this dynamic landscape.
About Keyless
Keyless is a trailblazer in privacy-enhancing biometric authentication technologies relied upon by banks, fintechs, cryptocurrency platforms, and gaming companies to mitigate account takeovers, secure high-risk transactions, and enhance operational efficiencies. The innovative Zero-Knowledge Biometrics approach facilitates rapid, multifactor authentication in just 300 milliseconds—without the retention of any biometric data. Keyless is accredited with ISO 27001 and ISO 30107, and uniquely holds both FIDO Biometrics and FIDO2 certifications. Operating as a private entity, the company boasts a diverse team of 50 employees across its offices in the UK, US, and EU.
Topics Consumer Technology）
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