Company overview

Mitek Systems helps banks and other organizations accept checks digitally and verify who is using their services. Its Mobile Deposit software sits inside financial institutions’ banking apps, allowing consumers in the United States and Canada to deposit checks using their phones. Check verification and fraud-and-identity solutions each account for roughly half of the business.

For organizations opening accounts or verifying users online, Mitek analyzes identity-document and selfie images to extract information and detect manipulation or impersonation. Its customers include financial institutions, fintech companies, telecommunications providers and digital marketplaces.

Customers pay Mitek directly or through partners that integrate its technology into their own platforms. Software licenses and support bring in the largest share of revenue; cloud services are another major source. Cloud customers pay for actual usage or commit to minimum spending, with additional charges for transactions above that commitment.

A relatively small group of customers supplies a significant share of revenue, including one particularly large customer. Partner license purchases and renewals can also account for substantial sales, though Mitek says this does not reflect dependence on a single partner. The check business depends on continued check use as digital payment alternatives spread. Identity services must comply with rules governing personal and biometric data; these can restrict processing and prevent Mitek from offering some products in certain jurisdictions, particularly Europe.