Keyless achieves record growth in 2024

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 centres 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 US, Sarah Clark, former SVP of Digital Identity at Mastercard and General Manager at Mitek, and Charles Walton, a leading figure in decentralised 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 feature that removes the need for separate enrolments 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 prioritises user privacy continues to rise, Keyless stands at the forefront of this evolving landscape.