Signicat exceeds the ‘Rule of 40’ leading in both market position and profitable growth

The digital identity and fraud prevention company Signicat today announces its financial results for the fiscal year ending December 31, 2023. The company reports strong revenue growth underscoring its European leadership in the digital identity sector.

In 2023, the company experienced strong organic growth across Europe. The financial statement for 2023 shows revenue of over GBP 79M*, with a significant and steady year-over-year revenue growth of 35%. The company reported positive EBITDA growth, with an increase of 171% as well as an increase in operating profit of 137%. The company’s adherence to the Rule of 40 further highlights its balanced approach to growth and profitability. Signicat acquired the UK-based company Sphonic in 2022, taking it to the European level.

“Through the past years, we have positioned ourselves in Europe through a “one-stop-shop” strategy. As always, I am proud to present strong financial numbers supporting our undisputed position as market leaders. We have demonstrated our ability to scale efficiently while maintaining financial health and, at the same time, we have broken through cross-border barriers outside the Nordic countries and penetrated markets such as the Baltics, Spain, Benelux, and the UK. We now serve customers in over 45 countries, and they rely on Signicat for any transaction where trust in a certain identity is needed”, says CEO Asger Hattel.

Innovation remains at the core of Signicat's strategy. In 2023, the company launched new offerings, including Signicat Mint, a no-code platform for designing and deploying digital identity processes. It also introduced the Dashboard, a single entry point providing customers access to the entire Signicat portfolio in one place. More recently, in early 2024, Signicat expanded its product portfolio with InstantFlows for KYC and KYB, offering one of the industry's most comprehensive ranges of digital identity orchestration solutions. Based on RiskFlow Orchestration and designed by Signicat’s leading risk and fraud experts, these workflows range from instant ‘design and go’ no-code options to back-end workflow optimization, primarily targeting regulated sectors.

The company also included the Italian digital identity SPID during 2023 and the Polish digital identity mojeID at the beginning of 2024 into its platform. Signicat now supports more than 35 different eID schemes which, in combination with its proprietary video identity verification, proposes a layered approach against fraud. With more than 13000 customers in over 45 countries in 2023, Signicat's customers are mainly from highly regulated sectors such as banking and finance, global payment companies, leasing companies, marketplaces, insurance and e-Health providers, iGaming operators, mobility companies and fintechs. Its clients range from Bank Norwegian, Santander, DNB, Visa to Mastercard.

“Signicat's new proprietary technology generates great earnings on an international scale, and it is unique to see what started as a small national company grow so much in recent years. The seven acquisitions we have made in the last few years have enabled us to add leading technology to our one-stop-shop platform. At the same time, we acquired market leadership faster in some countries, but our organic growth has always remained our primary source of growth. We have been listed at the beginning of this year as one of Europe’s Fastest Growing Companies in Europe by Statista and Financial Times and one of the criteria they look for is organic growth. Now we continue investing meaningfully in product development to launch new solutions and features that adapt to the needs of our customers in this ever-changing market of digital services” adds Hattel.

Signicat expects to maintain its market leadership in the coming years, bolstered by its unique positioning and a growing range of solutions. The company remains committed to innovation and excellence, continually expanding its offerings to lead the digital identity industry.

*at the NOK/EUR exchange rate as of August 30, 2024 (1NOK = 0,072GBP)