Keyless Achieves Record Growth in 2024, Expands Global Reach, and Reinforces Leadership in Privacy-Preserving Biometric Authentication

• Record-Breaking Growth: Achieved 657% growth with a forecast of 780% by year end.

• Client Win: Helped a top 10 European bank save $4 million and cut account takeover fraud by 77%.

• Expansion and Innovation: Launched the IDV Bridge and expanded its European and US teams.

 [Dec 18, 2024] – Keyless, the leader in privacy-preserving biometric authentication, has marked a milestone year, achieving record growth, welcoming new customers, and building groundbreaking innovations while expanding its European and North American presence.  

The company saw a 657% year-over-year increase in annual recurring revenue to date. By the end of 2024, this is expected to increase further with a forecast of 780% growth.

A partnership with a top 10 European bank resulted in:

• $4.1 million in helpdesk and SMS OTP cost savings within the first year.

• A 77% reduction in account takeover (ATO) fraud, lowering rates from 4.3% to 0.97%.

• 5x faster account recovery times, replacing call centers with self-service facial biometrics.

As part of its expansion strategy, Keyless has welcomed several esteemed advisors. In Europe, with operating support from Rialto Venture Capital, Alessandro Profumo, former CEO of Leonardo and UniCredit, brings extensive leadership in financial and technology sectors, while Francesco Caio, ex-CEO of Cable & Wireless and Poste Italiane, contributes deep expertise in corporate transformation. In the U.S., Sarah Clark, former SVP of Digital Identity at Mastercard and General Manager at Mitek, and Charles Walton, a leading figure in decentralized identity with senior roles at Mastercard and Avast, have joined to bolster Keyless' global growth.

 “2024 has been a transformational year for privacy-preserving biometrics,” said Andrea Carmignani, Keyless CEO and Co-Founder. “We have seen market traction and technological development beyond even our own expectations. We want to extend our thanks to our customers, partners, and the wider financial services community for sharing in our vision to redefine authentication, and we look forward to achieving even more in 2025.”

This year Keyless also launched a groundbreaking feature that removes the need for separate enrollments into identity verification (IDV) and authentication. The first of its kind, the Keyless IDV Bridge connects the two siloed domains. Existing users are silently enrolled into Keyless in bulk, and new users are added during a bank’s Know Your Customer (KYC) process, dramatically simplifying integration with authentication providers.

Keyless wraps up the year with exceptional growth, increased traction, strategic hires, and continued traction within the financial services industry. Its privacy-preserving technology has gained widespread adoption, including by one of Europe’s largest banks, with several more to follow in early 2025. As the demand for strong multi-factor authentication that prioritizes user privacy continues to rise, Keyless stands at the forefront of this evolving landscape.

About Keyless

Keyless is the leader in privacy-preserving biometric authentication, trusted by banks, fintechs, crypto platforms, and gaming companies to reduce account takeovers, secure high-risk actions, and improve operational efficiency. Available via app and web, its unique Zero-Knowledge Biometrics technology delivers multi-factor authentication in one glance in 300 milliseconds without storing biometric data anywhere. Keyless is ISO 27001 and ISO 30107 accredited and is the only company to hold both FIDO Biometrics and FIDO2 certifications. Privately owned, Keyless has 50 employees across multiple offices in the UK, US, and EU.