Trust Stamp Announces Rapid Customer Adoption of Privacy-First Identity Orchestration Platform; Outpacing Management's Expectations

Rhea-AI Summary

Trust Stamp (Nasdaq: IDAI) recently reported significant growth, securing 24 new customers for its services, including 22 financial institutions with assets exceeding $50 billion. This marks a notable success for the company's Orchestration Platform, launched in February 2022, which facilitates low-code implementation of its identity technologies. President Andrew Gowasack expressed delight over this rapid adoption, indicating it surpassed initial expectations. Trust Stamp's innovative privacy-first biometric authentication technology is being increasingly recognized in various sectors, highlighting its potential for future expansion.

Positive

• Secured 24 new customers, including 22 financial institutions with over $50 billion in assets.
• Successful transition to a modular SaaS model, enhancing scalability.
• Rapid market adoption of innovative privacy-first biometric technology.

Negative

• None.

Reports 24 new customers contracted to use Trust Stamp’s services, including 22 new financial institutions with over $50B in assets

ATLANTA, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Trust Stamp (Nasdaq: IDAI), the Privacy-First Identity Company^TM, today provides an update regarding the rapid adoption of its low-code Orchestration Platform, which streamlines delivery and implementation of the Company’s proven technologies.  Since the platform’s launch in February 2022, 24 new customers have contracted to use Trust Stamp’s services through the Orchestration Layer, including 22 new financial institutions with over $50B in assets.

Andrew Gowasack, President of Trust Stamp, commented, “In October 2022, we concluded our two-year evolution from being exclusively a custom solutions provider to also offering a modular and highly scalable Software-as-a-Service (SaaS) model with low-code implementation.  We were pleased to see five new users commit to the platform in November 2022 alone, and we anticipated an additional six new users in the first couple of months of 2023.  However, what we have experienced has substantially exceeded our expectations, with 24 new Orchestration Platform users contracted in addition to our existing customer transitions.”

“We had always expected that our investment in research and development and the hard work of Trust Stamp’s team would yield excellent results, but we are delighted to see that the marketplace is moving quickly to adopt our industry leading privacy-first biometric authentication technology.  We are look forward to witnessing what happens in the coming months,” concluded Andrew Gowasack.

About Trust Stamp

Trust Stamp the Privacy-First Identity Company^TM, is a global provider of AI-powered identity services for use in multiple sectors including banking and finance, regulatory compliance, government, real estate, communications, and humanitarian services. Its technology empowers organizations with advanced biometric identity solutions that reduce fraud, protect personal data privacy, increase operational efficiency, and reach a broader base of users worldwide through its unique data transformation and comparison capabilities.

Located in nine countries across North America, Europe, Asia, and Africa, Trust Stamp trades on the Nasdaq Capital Market (Nasdaq: IDAI). The company was founded in 2016 by Gareth Genner and Andrew Gowasack.

Safe Harbor Statement: Caution Concerning Forward-Looking Remarks 

All statements in this release that are not based on historical fact are “forward-looking statements” including within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The information in this announcement may contain forward-looking statements and information related to, among other things, the company, its business plan and strategy, and its industry. These statements reflect management’s current views with respect to future events-based information currently available and are subject to risks and uncertainties that could cause the company’s actual results to differ materially from those contained in the forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company does not undertake any obligation to revise or update these forward-looking statements to reflect events or circumstances after such date or to reflect the occurrence of unanticipated events. 

Trust Stamp                                                    Email: Shareholders@truststamp.ai

Gareth Genner, CEO              

Investor Relations                                          Tel: +1 212-671-1020

Crescendo Communications, LLC                   Email: idai@crescendo-ir.com

FAQ

What is the recent customer acquisition news for Trust Stamp (IDAI)?

Trust Stamp (IDAI) has acquired 24 new customers, including 22 financial institutions, marking significant growth in its business.

How much assets do the new financial institution customers of Trust Stamp manage?

The new financial institution customers contracted by Trust Stamp manage over $50 billion in assets.

When did Trust Stamp launch its Orchestration Platform?

Trust Stamp launched its Orchestration Platform in February 2022.

What type of technology is Trust Stamp focusing on?

Trust Stamp is focusing on privacy-first biometric authentication technology.

Who is the President of Trust Stamp?

Andrew Gowasack is the President of Trust Stamp.