Microblink reports strong 2024 growth in ID verification sector

Microblink has reported strong momentum in 2024, driven by increased demand for its advanced identity verification solutions, including BlinkID and BlinkID Verify.

The company highlighted several significant milestones achieved over the past year. These include the availability of its flagship products, BlinkID and BlinkID Verify, on the Google Cloud Marketplace. This development facilitates the integration of Microblink's identity document verification services into existing systems on Google Cloud, enhancing both the safety and efficiency of online interactions for businesses.

Microblink has expanded substantially into key industries such as human resources, travel, hospitality, banking, and fintech. This growth represents the company's strategic focus on addressing the needs of diverse market verticals.

New features and improvements were introduced to Microblink's product range, which includes BlinkID, BlinkCard, and BlinkID Verify. Enhancements such as advanced image quality checks, a superior capture experience, and real-time fraud detection were incorporated, reinforcing the company's product offerings in the identity verification sector.

As part of its growth strategy, Microblink has appointed several new executives, including Albert Roux as EVP of Product, Identity, and Michael Rodriguez as VP of GTM Strategy & Operations.

Customer satisfaction remained high in 2024, with Microblink achieving a 98% satisfaction score across its customer base and a 96% score specifically among enterprise customers. The company also recorded a +74 NPS score in the latter half of the year.

Microblink's identity revenue grew by a double-digit percentage for the fifth consecutive year. This growth is reflective of the broader adoption of its identity verification solutions across various sectors. Additionally, 62 unique accounts, constituting nearly 20% of the business, expanded their use of the company's products.

Microblink's AI and machine learning technologies, particularly their Fraud Lab, continue to play a crucial role in fraud prevention. President of Identity Hartley Thompson stated, "We are proud of the significant progress we made in 2024. Our growth is a testament to our team's hard work and dedication, as well as the trust our customers place in our solutions. We are committed to continuing to innovate and deliver world-class identity verification solutions that help businesses stay ahead of emerging threats and create seamless digital experiences."

Michael Rodriguez, VP of GTM Strategy and Operations added, "For more than a decade, we have built proprietary AI technology and managed the entire end-to-end cycle in-house. From data annotation and classification to our advanced Fraud Lab initiatives, we ensure complete control and quality of our solutions. In 2024, we implemented synthetic data generation within our Fraud Lab to replicate fraud attacks and accelerate the support of new identity documents."

The company's strategy allowed it to add over 200 new identity document types in 2024. Microblink's in-house domain experts have been instrumental in maintaining its market leadership, ensuring all machine learning models are trained internally instead of using third-party solutions. This commitment to in-house training underpins its standing within the identity verification industry.

Microblink's technology underpins verification processes for over 20 identity solution providers, with a presence in the industry's major players, as noted in the Gartner 2024 Magic Quadrant for IDV.

The company's solutions have processed over 12 billion documents from more than 180 countries. BlinkID, for instance, efficiently extracts information from over 2,500 types of identification documents worldwide. Meanwhile, BlinkID Verify adds a layer of authenticity checks through liveness detection.

Two notable customers benefitting from Microblink's capabilities are Intesa Sanpaolo and Elektra USA. Intesa Sanpaolo, a major European bank, utilises Microblink for its KYC identity verification in processes like account openings and loan applications. Alessandro Mariani, Head of Digital Innovation and Scouting at Intesa Sanpaolo, commended the service: "Microblink's identity verification process offers secure, fast and accurate processing. This enables digital businesses to deliver an innovative onboarding experience for global customers."

Elektra USA employs Microblink's BlinkCard to automate credit card scanning, which had previously been a manual and inefficient process. Francisco Hernández León, CTO at Elektra USA, explained their decision: "We chose BlinkCard because of its ability to provide fast and accurate card number extraction, combined with reliable on-device processing."

Looking forward to 2025, Microblink plans to expand its global reach, drive further product innovation, and strengthen strategic partnerships. These initiatives aim to reinforce the company's position in the identity verification industry, continuing to provide secure digital environments across the globe.