Passcreator by Fobi Corporate Update Includes New Revenue Deals, an Increase of 48% in Year Over Year Revenue, a 43% Increase in Customer Signups as Well as a Clear Product Focus Leading to Record Growth in Insurance and Venue Management
On June 14, 2022, Fobi AI Inc. (TSXV: FOBI, OTCQB: FOBIF) reported significant growth in customer numbers and revenue for its Passcreator platform. The number of paying customers surged by 43%, from 119 in Q1 2021 to 170 in Q1 2022, while revenue increased by 48%. Passcreator is now servicing four of the top ten global insurance companies, issuing tens of millions of Insurance Passes. Additionally, the company has successfully integrated digital couponing and completed key loyalty integrations, enhancing its service offerings across various sectors.
- 43% increase in paying customers from 119 to 170 between Q1 2021 and Q1 2022.
- Revenue grew by 48% in the same period, indicating strong enterprise client growth.
- Servicing four of the top ten global insurance companies.
- Successful deployment of Passcreator at high-profile events, enhancing brand visibility.
- Integration of digital couponing through Passcreator and Qples, expanding service capability.
- Completion of key loyalty integrations to enhance customer engagement.
- None.
VANCOUVER, British Columbia, June 14, 2022 (GLOBE NEWSWIRE) -- FOBI AI Inc. (TSXV: FOBI) (OTCQB: FOBIF:) (the "Company" or "FOBI"), a leader in providing real-time data analytics through artificial intelligence to drive customer activation and engagement is pleased to provide shareholders with the following corporate update for Passcreator by Fobi.
SIGNIFICANT GROWTH IN REVENUE AND # OF CUSTOMERS FROM Q1 2021 TO Q2 2022
The number of Passcreator by Fobi paying customers grew from 119 in Q1 of 2021 to 170 in Q1 of 2022, an increase of
PASSCREATOR BY FOBI IS NOW SERVICING 4 OF THE TOP 10 GLOBAL INSURANCE COMPANIES
Passcreator by Fobi is experiencing continued success and momentum, and its Insurance Pass product offering continues to gain market share with the mobile proof of insurance product offering. The company has onboarded an additional 3 key global insurance companies to their roster in Q1. Passcreator has also signed several additional new Insurance company deals already in Q2 to provide digital proof of auto insurance. Fobi now serves 4 of the top 10 global insurance companies and, as a result, has issued tens of millions of Insurance Passes worldwide.
EVENTS AND DIGITAL TICKETING DRIVING NEW LINE REVENUE
With the successful launch of Check Point and immediate product validation by way of back-to-back top-tier high profile deployments (High Profile Awards Show in the US and Large US Stock Exchange) the company has parlayed this early success into numerous significant event deployments in Europe. These successful deployments are highlighted by the Monaco Formula E event that was held on April 30, 2022. As for the awards show in the US, several significant upgrades in functionality were made both to Passcreator by Fobi as well as the SmartScan app in order to satisfy the demanding needs of the awards show, and these upgrades are now being used by other customers globally improving the customer experience.
PASSCREATOR COMPLETES QPLES INTEGRATION FOR DIGITAL 8112 COUPONING
With the integration of Passcreator by Fobi’s Wallet pass platform and the Qples by Fobi coupon platform now complete, digital couponing through the mobile wallet is now a reality. Qples customers can now deliver coupons through browsers, the Grocery Coupon Network and now Passcreator Wallet passes, making Fobi the only company in the world able to deliver coupons through all 3 of these channels (see the recent press release about this).
LOYALTY SET TO LAUNCH WITH COMPLETION OF SEVERAL KEY LOYALTY INTEGRATIONS
Loyalty is also playing a key role with the addition of stamp cards to the Passcreator loyalty solutions portfolio. There are also some key ongoing loyalty integrations that the Fobi Development team is currently working on to further strengthen the Passcreator by Fobi Loyalty ecosystem, delivering additional value for Passcreator customers and their customers end users. The mobile wallet pass is the next evolution in customer loyalty as it is an app-less solution, unifies all existing IT and provides a truly personalized user experience that is powered by data.
Also, as companies are now cognizant of and focused on their social and environmental footprint, replacing and digitizing the current paper and plastic loyalty member cards helps with the reduction of a company’s carbon footprint, which benefits the environment.
Fobi CEO Rob Anson states, “The diverse applications and value as to what the Passcreator platform has become is everything of which I knew we were acquiring and so much more. Passcreator is rapidly becoming a key standalone platform for leading enterprise and insurance customers and is a key strategic piece of the Fobi Retail Ecosystem that we are building by connecting Passcreator with the new 8112 Mobile Standard coupons from Qples by Fobi. As the world is becoming digitally enabled and focused, our tech stack and our various product offerings could not be better positioned and relevant for today’s environment and set for continued success and rapid growth.”
This Press Release Is Available on the Fobi website and the FOBI Verified Forum On AGORACOM For Shareholder Discussion and Management Engagement.
About FOBI
Fobi is a cutting-edge data intelligence company that helps our clients turn real-time data into actionable insights and personalized customer engagement to generate increased profits. Fobi's unique IoT device has the ability to integrate seamlessly into existing infrastructure to enable data connectivity across online and on-premise platforms creating highly scalable solutions for our global clients. Fobi partners with some of the largest companies in the world to deliver best-in-class solutions and operates globally in the retail, telecom, sports & entertainment, casino gaming, and hospitality & tourism industries.
For more information, please contact:
| FOBI AI Inc. | FOBI Website: www.fobi.ai | |
| Rob Anson, CEO | Facebook: @ FOBIinc | |
| T: +1 877-754-5336 Ext. 3 | Twitter: @ FOBI_inc | |
| E: ir@fobi.ai | LinkedIn: @ FOBIinc |
This news release contains certain statements which constitute forward-looking statements or information, including statements relating to the use of proceeds from the Offering. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic and capital markets conditions, stock market volatility and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future plans, operations, results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative. There can be no assurance that the Company will be able to achieve all or any of its proposed objectives.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
FAQ
What revenue growth did Fobi report for Passcreator between Q1 2021 and Q1 2022?
How many global insurance companies are now using Passcreator?
What is the customer growth rate for Passcreator as of Q1 2022?
What new revenue lines is Fobi exploring?
What integrations has Fobi completed to enhance its offerings?
