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DENVER - authID (NASDAQ:AUID), a prominent provider of biometric identity verification solutions with a market capitalization of $73 million, announced today its selection by Salus, a microlending platform aimed at serving underprivileged communities. According to InvestingPro data, the company has demonstrated impressive revenue growth of 97% over the last twelve months, though investors should note the stock’s current trading price suggests slight overvaluation based on InvestingPro’s Fair Value analysis. Salus will use authID’s technology to streamline the onboarding and authentication of applicants, ensuring user privacy and adherence to regulatory standards.
Salus, which began operations in 2023, partners with credit unions to extend credit to those with limited income, scant credit history, and often younger demographics. The platform assists credit unions in providing financial services to over 120 million young, under-served adults lacking prime credit scores. InvestingPro analysis reveals authID maintains a strong liquidity position with a current ratio of 6.97, indicating robust financial flexibility to support its expansion initiatives. Salus integrates with existing systems to automate underwriting and data analysis, supplementing credit histories and enabling more confident lending decisions for underbanked members.
The CEO of Salus, James Chemplavil, emphasized the need for fast, friendly, and accurate verification processes to foster trust and financial stability among their customers. authID’s biometric solutions were identified as superior for their deterministic validation of identity, which contrasts with previous probabilistic fraud signal-dependent systems.
Rhon Daguro, CEO of authID, expressed pride in adding Salus to their customer base, recognizing the importance of efficiently onboarding legitimate applicants while safeguarding against fraud. authID’s technology promises speed, accuracy, privacy protection, and compliance commitment, aiming to enhance Salus’s mission to expand financial access.
The collaboration between Salus and authID exemplifies the growing trend of leveraging advanced biometric technology to facilitate secure financial transactions and broaden financial participation for those challenged by traditional banking systems.
This partnership announcement is based on a press release statement from authID and Salus. For investors seeking deeper insights, InvestingPro offers comprehensive analysis through its Pro Research Report, featuring detailed financial metrics, growth prospects, and expert analysis of authID among 1,400+ US stocks.
In other recent news, authID, a provider of biometric authentication services, announced a partnership with Berify to implement its biometric technologies, Proof™ and Verified™, for user authentication and enterprise use cases in the Asia Pacific region. This collaboration is expected to enhance Berify’s commitment to preventing identity fraud. In financial developments, authID has reported strong revenue growth over the past year, with a significant surge in third-quarter revenue to $249,000, up from $43,000 in the same period last year. The company’s nine-month revenue total also rose to $687,000, up from $118,000 the previous year. However, authID has adjusted its full-year revenue guidance to between $800,000 and $900,000 due to delays in customer Go-Live dates and adjustments in volume expectations. Significant contracts have been secured, including a $10 million deal in India and a global retail technology firm contract. Despite these developments, the company reported a $1.1 million de-booking of booked annual recurring revenue due to Go-Live delays. These are recent developments in authID’s journey.
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