Trust Stamp President announces substantial H1-2024 growth including the 69th customer on its low-code Orchestration Layer platform
July 11 2024 - 9:30AM
Trust Stamp (Nasdaq: IDAI), announced that in H1 of 2024 it has
onboarded 21 new customers to its low-code Orchestration Layer
platform, bringing the total number to 69, while growing its
overall financial services customer base in the United States and
internationally and increasing the industries served.
Trust Stamp President Andrew Gowasack, commented, “We have made
tremendous progress building our business in 2024 and I know that
it can be frustrating for shareholders who typically see company
performance through the short term prism of reported revenue, or
the snapshot of individual press releases, therefore I am pleased
to provide our shareholders, and the market, with a holistic report
on our business achievements for H1 of 2024.” Andrew Gowasack
continued, “I will start by observing that there is an
unprecedented need for our AI-powered identity and fraud mitigation
products because of the rapid emergence of ever more sophisticated
AI-powered attacks including AI-generated “Super Synthetic”
identities. I believe that the current and projected growth in our
business is and will be fueled by our investments in research and
development that have resulted in a substantial portfolio of
patented Quantum-Proof AI-powered technologies, a number of which
are tailor made to combat AI-powered presentation attacks. Our
thesis is that every company that is using legacy technology to
defend against AI-enabled fraud will soon be forced to invest in
AI-powered technologies, and consequently, in parallel to our own
sales initiatives, we are in discussions with other providers of
identity authentication solutions with a view to collaborations
that can leverage our market-leading technology.”
Gowasack further commented, “I am delighted to announce that in
H1 of 2024 we added an additional 14 banks to the Orchestration
Layer through our main channel partnership. This partnership has
allowed us to quickly expand our contracted customer base in the
U.S. financial services sector although the key to meaningful
revenue growth will be accelerating and extending the usage of our
technology by the contracted financial institutions. The revenue
from the initial integration contract is nominal with significant
revenue potential resulting from usage fees, and we are at the
mercy of the financial institutions in terms of prioritization of
their resources and timing of their roll-out. To date a little over
half of the financial institutions contracted through the channel
partnership have progressed integration to the point that we are
seeing initial transactional usage. This is a slower ramp-up than
we anticipated, but we are confident that the lifetime value of
bank and other large financial institution customers will provide
an excellent long-term return on our acquisition and associated
costs.” Gowasack went on to say, “Unlike typical identity
verification (IDV) solutions, our Identity Tokenization (“IT2”)
allows biometric based data to be safely used for more than
just new customer enrollment without saving the underlying
biometric data. Once a customer creates an IT2, reauthentication
for processes like PIN/password resetting and change of address is
as easy as taking a selfie. This means that the potential usage of
Trust Stamp technology can be much higher than traditional IDV
solutions and the wide range of potential use cases is reflected by
our new authentication tool for wire transfers and other large
and/or high risk transactions. One of the most commonly asked
investor questions is how much recurring revenue we anticipate from
each Orchestration Layer user once in full production. This is a
challenging question to answer as we do not have a large enough
sample size to produce a data driven estimation, and the range is
likely to be significant. What I can say is that our first
Orchestration Layer customer in full production is consistently
generating in excess of $14k of MRR whereas our S&P500 bank
customer consistently generates well in excess of $1m of ARR and we
anticipate the long-term average being closer to the former than
the latter.”
In addition, Trust Stamp has established new distribution
channels for its financial services products with NayaOne
Marketplace, and AWS Marketplace. Andrew Gowasack commented, “These
channels provide accessibility and simplified integration for
prospects without requiring us to expand our headcount. In the case
of AWS, their existing customers are able to discover, test,
contract and pay for Trust Stamp technology through their AWS
account and receive AWS usage credit for the services that we
provide.”
Outside of the United States, Trust Stamp has contracted with
Africa’s largest mobile network provider for a proof of concept
deploying Trust Stamp technology for mobile identity verification
for financial transactions, and through its Master Services
Agreement with a branded card network, is seeing planned usage
expanding to banks in at least two African countries in H2 of
2024.
Trust Stamp has also expanded outside financial services adding
its first social media customer implementing AI-powered Age
Estimation technology. Andrew Gowasack commented, “This is a
critical first step in the market as we pursue opportunities
arising from new and/or more aggressively enforced legislation in
the U.S. and E.U. requiring age verification for access to mature
content, and also ensuring that users under 13 do not sign up for
online services without adult approval. This first customer is
allowing us to prove our technology and further refine our
algorithms with a view to creating a market-leading product. Our
experience with the customer has led to our developing a novel
approach to increasing accuracy in AI age predictions and we have
already filed a provisional patent related to that innovation.”
In addition, Trust Stamp has begun implementation with a
strategic partner in the U.S. serving automotive dealerships, which
are experiencing a 98% growth in synthetic identity fraud attacks,
entered into two partnerships for implementation in the IOT market
with partners in the UK and Denmark, entered into a go-to-market
collaboration for healthcare focused on the UK, US, and
Scandinavian markets, and been awarded a multi-year public safety
contract by an E.U. government.
Andrew Gowasack finally commented, “For several years we have
invested in developing specialized products focused on the
identified needs of the United States federal government. In
January of 2024 we entered into a teaming agreement with ManTech
for the implementation of our Quantum-Safe technology services, and
in H1 of 2024 we extended that strategic relationship to potential
uses in the defense sector. While there is a considerable degree of
political uncertainty impacting the potential timing of all new
federal government projects, we have reason to anticipate that
these initiatives will result in significant revenue in 2025."
Enquiries
Trust Stamp
Email: Shareholders@truststamp.ai
Andrew Gowasack, President: agowasack@truststamp.ai
About Trust Stamp
Trust Stamp the Privacy-First Identity CompanyTM, is a global
provider of AI-powered identity services for use in multiple
sectors, including banking and finance, regulatory compliance,
government, real estate, communications, and humanitarian services.
Its technology empowers organizations with advanced biometric
identity solutions that reduce fraud, protect personal data
privacy, increase operational efficiency, and reach a broader base
of users worldwide through its unique data transformation and
comparison capabilities.
Located across North America, Europe, Asia, and Africa, Trust
Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI). The
company was founded in 2016 by Gareth Genner and Andrew
Gowasack.
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things, the company, its business plan and strategy, and its
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