Kyckr’s (ASX: KYK) unaudited preliminary full year figures have revealed a 20% growth in 2019 full year revenue to $2.1 million, with the company saying it will continue to prioritise delivering its technology to financial institutions.
Driving the growth was a 41% rise in online revenue to $1.5 million for the full year.
Kyckr chief executive officer Ian Henderson said the higher revenue in 2019 compared to 2018 was a result of the company’s steady progress it is making and evolving its solutions and services.
“In May 2019, we announced the launch of our all new digital platform, which is already receiving positive feedback, which is in addition to our current year revenue increasing by 41% from online channels,” Mr Henderson said.
“Our new platform enhances the existing user experience and functionality, helping to attract new users and position Kyckr as a leader in global company intelligence.”
With its data specialist and Know Your Customer technology, Kyckr is targeting financial institutions to support their Know Your Customer and Anti-Money Laundering obligations as well as helping prevent financial crimes.
The technology offers global real-time client verification, with Kyckr holding one of the largest global networks for customer verification.
Users are able to instantly able to find company profiles, credit reports and filings.
To continue expanding it solutions and markets, Mr Henderson said the company would remain focused on strategic partnerships and collaborations.
“We see strategic partnerships as a natural, progressive step in capitalising Kyckr’s breadth of technologies and real-time global data.”
Mr Henderson added the company was currently advancing several key partnership discussions.
“Our recent efforts with AXA Singapore only reinforce the relevance of our capabilities in a time where Know Your Customer technology is increasingly required to reduce risk and help comply with regulations.”
Today’s positive revenue news follows Kyckr announcing yesterday that insurance company AXA Singapore would be it adopting its application-programming interface.
According to Kyckr, collection of information to underwrite commercial insurance is currently carried out manually and can be “costly” and “time consuming”.
“Currently, information requires submitting, reviewing and verification using external verification sources before a quote can be issued, resulting in a delay of up to two weeks before a customer can receive a quote and policy,” the company stated.
Kyckr explained its application-programming interface can reduce the turnaround time to between one and three days.
This contract alone is expected to generate S$380,000 (A$400,000) in revenue for Kyckr.
“Kyckr is well-positioned to continue executing on its strategies and remains alert to collaborating with key partners that complement and accelerate our growth,” Mr Henderson said.
Today’s news spurred Kyckr’s share price up 26% to reach $0.063 by mid-afternoon.