Biometric Payments Company Zwipe Raises $14 Million

Zwipe, the biometric payment company has now secured $14 Million in the funding round, according to the report which has been revealed.

The funding came the way of a Series B round which was secured by an offering of 6 million new shares. According to the report, more than 2300 investors participated ahead of a listing on a Merkur Market, Oslo Bors. Zwipe revealed that the offering was oversubscribed by a substantial amount. It expects trading to kick off on the 28th of January. The company has now a pre-money valuation of $22 Million.

Zwipe Chief Executive Andre Lovestam said in a statement about the funding that the company is “at the forefront of a global shift towards more secure and convenient contactless payments and the market is primed for growth.” He said the company is confident that it will emerge as an industry leader and will secure a strong market position.

The company as of now has a plans to use the funds to commercialize its technology, which even embeds a fingerprint reader in the payment plastic for the much more added security. “We are not commercially rolled out yet, we expect that to happen in the second half of this year, starting first in Europe and potentially in the Middle East,” a spokesman told TechCrunch, noting the financing will be used to beef up the company as it gets ready for a commercial launch of its biometric payment card solution in the second half of this year.

The company is also looking at other form factors in the future which includes the wearables. The company is even targeting 2020 for expanding into some other markets and services.

“Our technology is currently being used in pilot programs in Italy, with the leading banks that are Intesa Sanpaolo Bank and with ten different banks across the Middle Eastern part of World,” the spokesman said in a report. “We have active partnerships across the globe. In APAC, specifically in two countries that is China and the Philippines, we expect to launch further trials in the near future. In Europe, we have piloted with the Bank of Cyprus and expect to launch some other more trials in Europe in the first half of 2019.”