Signicat, the pan-European leader in Digital Identity, announces its transactional results and substantial growth for the fiscal year 2023, reaffirming its global position in the digital identity sector.
In 2023, Signicat achieved remarkable financial results, surpassing the NOK 1 billion mark in turnover, equivalent to more than €90 million. Additionally, the company facilitated over 1 billion transactions through its digital identity platform, which represents an increase in transactions of more than 25% compared to 2022, consolidating its pole position in the sector.
With a global reach and footprint, Signicat serves over 13,000 customers across 44 countries, covering global financial services, payments &wallets, insurance, mobility, and governmental organizations. The company has just been recognized among the Financial Times 1000 list of Europe’s Fastest Growing Companies for the year 2024 and for the 3rd time since 2021.
These results underline Signicat's vision of providing solutions that meet the evolving needs of leading brands across many different verticals, further establishing its reputation as the preferred choice for global secure and seamless digital identity services.
Asger Hattel (pic), CEO at Signicat, says: “Our commitment to delivering value for our customers by heavily reducing fraud while increasing their digital customer conversion with more efficient, fast and secure digital identity processes remains intact.
“We create unique value by ensuring fast and secure customer verification and KYC, and by driving best-in-class onboarding, orchestration, authentication and digital signing for our clients. We are very proud to have surpassed the NOK 1 billion in revenue. 2023 was a year with numerous business and technological milestones for us.
“We also committed a Total Economic ImpactTM study to Forrester Consulting which concluded that we deliver a 303% ROI to our customers and typically reduce fraud costs by 75%.” Notably, the company experienced substantial growth in its different transaction categories, with around a 20% increase in electronic signing, and over 25% rise in identity-proofing and authentication, resulting from a steady growth across the company.
As for technology, Signicat solidifies its position as the frontrunner in the digital identity arena, boasting a wide product and solution range. The company introduced new offerings in the orchestration area such as Signicat Mint, a no-code platform to design, build, and deploy any digital identity processes in a no-code visual editor.
Today, Signicat is already one of the European leaders in expert counseling and orchestration of onboarding processes, when things are complex for customers and demands are unique.
This is all done through the Riskflow and - soon to come - Instantflow solution portfolio. With its no-code approach, Signicat Mint complements the other solutions perfectly in the onboarding and risk management space, and overall Signicat has never been stronger in this area.
In the same way, Signicat introduced its new Dashboard as a single-entry point for all its customers, giving them access to all Signicat’s solutions and configuring products like MobileID, a mobile identity and authentication solution that can be integrated into any mobile app and for high-value transactions. Given the increase and the growing concern of fraud across all regulated sectors, during 2024 Signicat is planning on launching new tools and enhancing their solutions even more to detect fraud from the early stages of their customers' processes.
Across the current frontend platforms, like their MobileID platform or Web portals, but also the in-house QES technologies in Signicats portfolio there are great opportunities for new strong customer value propositions. Riten Gohil, Digital ID, Fraud & AML Orchestration Evangelist at Signicat, commented: “It has been fascinating to observe the growing trends in AI as it became available for public use last year.
“For Signicat, it has been foundational in our tech for a number of years, particularly in its use for the prevention and detection of fraudulent & financial crime. Looking ahead, we are using GenAI as an integral part of Signicat’s DNA to help clients meet present and emerging challenges from the evolving digital environment”.
The company reveals that this year will continue to be marked by important announcements. Integrating now over 35 electronic identities (eIDs) across Europe, Signicat is just a few weeks away from being, once again since SPID in September 2023, the first international aggregator to offer a new European e-identity system, outside the current country of origin, as well as launching new solutions that meet the evolving needs of the regulated sectors.
Looking ahead to 2024, Signicat remains dedicated to pushing the boundaries of innovation, particularly in the realm of orchestration, while continuing to lead in shaping the future of digital identity for a trusted digital world.
