Ekata, the global leader in digital identity verification data, today recapped a remarkably successful 2020 despite the worldwide COVID-19 pandemic. The company significantly grew its global customer base and revenues, gained momentum in the financial services and payments sector, expanded its product portfolio, and drove significant growth in Europe and Asia-Pacific through its global offices and data infrastructure.
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“2020 was a banner year for our business, one in which we outperformed all but 11 of the S&P 500 companies in revenue growth and profit. This is perhaps best captured by our 117% net customer revenue retention rate and 33% growth in revenues,” said CEO Rob Eleveld. “With the first 12 weeks of the pandemic creating more growth in online business than the previous five years combined, the global demand for enterprise grade digital identity verification solutions has never been higher. We see continued opportunities for long-term customer growth and product innovation in identity verification for payments, financial services, and eCommerce.”
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Ekata benefitted from the rapidly accelerated adoption of eCommerce by consumers forced to stay at home during the pandemic, leading directly to an increase in demand among global eCommerce providers for customer onboarding and fraud prevention solutions. In addition, a rapidly changing regulatory environment in the financial services and payments industry has led to increased demand for identity verification solutions, particularly in pre-credit-card-authorization use cases in Europe.
Digital identity verification is key to offering more inclusive and frictionless experiences while ensuring customer privacy, control, and security. According to Steven D’Alfonso, research director, IDC Financial Insights, “The COVID-19 pandemic is accelerating investments in — and demand for — advanced identity offerings and services as online and mobile banking services expand.” Following a successful 2020, Ekata is well equipped to meet the increasing demands and innovation of global financial institutions, payment companies, and eCommerce providers.
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