QOOBISS, a fintech company focused on process automation and specializing in the development of remote identity verification solutions using video means, tripled its business in 2023, up to 1 million euros. „The revenue growth occurred in the context of increased investments in the financial-banking, gambling, and eCommerce industries for implementing remote identity verification solutions for customers via video means (eKYC).” according to the press release.
„This year, the remote identity verification solutions market will accelerate due to the intensification of digitalization in business and the adoption of online services by end-users. The need for companies to reduce operational costs through process automation and the necessity to better control expenses will contribute to the market growth.” the company explains.
In this context, QOOBISS estimates a doubling of revenues in 2024. For the current year, the company has budgeted investments of 500,000 euros for the development of existing solutions, the launch of new services, and international expansion.
„2023 was a good year for QOOBISS, in which we developed in line with new technological trends and prepared our solutions to accelerate the business this year. Currently, we are working on adapting our identification service for two other markets in Europe: Poland and Spain. Preparing for an official launch of the QOOBISS solution in other geographic areas is preceded by an intense period of testing, to ensure it is perfectly adapted to the identity documents of the targeted countries and that we comply with all current legislative provisions. Now, we are in the midst of expanding to more countries in Europe,” says Ileana Comănescu – KYC Global Product Manager at QOOBISS, mentioning that the adjustment time for entering a new market varies between 4 and 6 months, a period necessary to adapt the solution so that it complies with local legislation and existing practices (e.g., access to the database of identity documents).
At the end of last year, QOOBISS provided services for 30 clients in Romania. For 2024, it aims to double the number of clients, as well as expand the service portfolios of existing clients towards using more solutions developed by QOOBISS. Additionally, the company plans to expand into other industries and launch new, related services that can be used both to complement the existing ones and, also, independently of them.
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Many more interesting quotes in the video below:
