Trust Stamp Chief financial Officer Alex Valdez joined Steve Darling from Proactive the company’s highlight the company’s strong performance and strategic progress in the first half of 2024. Trust Stamp experienced a 100% year-on-year increase in enrolled customers, leading to a rise in net revenue from $919,000 in the first half of 2023 to $1.07 million in the same period of 2024. This growth was achieved despite allocating significant resources to unpaid product enhancements for a major client, indicating a forward-looking strategy focused on maximizing future revenue. The company’s SaaS offerings, particularly through its Orchestration Layer, have been a major growth driver. The number of financial institutions using this service doubled from 31 in 2023 to 62 in 2024, demonstrating the increasing demand for Trust Stamp’s solutions in the financial sector.
Veldez also told Proactive Trust Stamp secured a contract with Africa’s largest mobile network provider for a proof of concept, deploying its technology for mobile identity verification in financial transactions. This initiative, along with a Master Services Agreement with a branded card network, is expected to expand the use of Trust Stamp’s technology across banks in at least two African countries by the end of 2024. Trust Stamp continues to build its intellectual property portfolio, with 22 issued patents and 15 provisional or pending patents as of June 30, 2024. This represents an increase from the 16 issued patents reported a year earlier. The company also optimized its research and development process, reducing expenses by 15.76%.
Trust Stamp’s strong performance in the first half of 2024, coupled with its strategic advancements in SaaS offerings, international markets, and intellectual property, positions the company well for continued success in both the U.S. and global markets.
This update reflects Trust Stamp’s commitment to innovation and growth, with a clear focus on expanding its reach and enhancing its technological capabilities to meet the evolving needs of the financial sector.
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