MITEK SYSTEMS INC

Mitek Systems built the technology that lets you deposit a check with your phone. The company traces back to the 1980s and is based in San Diego, California. That mobile deposit feature is its claim to fame.

Here is the everyday magic. You snap a photo of a paper check. The bank app reads it, verifies it, and adds the money to your account. No trip to a branch. Mitek pioneered the software behind that experience, and many United States banks license it.

The company built a second business around identity. When you open a bank account online, someone must confirm you are real. Mitek verifies identity documents like a driver license and matches them to a live selfie. That check stops fraudsters from opening fake accounts.

Suppose a bank wants to sign up customers fully online, with no branch visit. It needs to trust that the person is who they claim. Mitek reads the ID, checks that it is genuine, and confirms the face matches. The account opens in minutes, safely.

Fraud never sleeps, so demand for these tools keeps rising. Mitek keeps adding defenses against deepfakes and forged documents.

Revenue runs around $170 million a year, and the company is profitable. Mitek sits in a useful spot. It quietly guards two of the moments where banks are most exposed, deposits and new accounts.