Biometric Payment Card startup Zwipe raises $14M

by megan jones in funding on 22nd January 2019

Zwipe – A Biometric Fintech company started in 2009 by Kim Humborstad for Developing and Commercializing fast, secure and easy to apply Biometric authentication solutions for ID, Payments, and access control. Zwipe is headquartered in Oslo, is currently extending its operations mainly in 11 different countries across 4 time zones. Unlike the ID and payment solutions, Zwipe access cards use batteries and World’s most portable 2-Factor Biometric access control. These access control systems are compatible with a majority of systems and allow its users to upgrade to Biometrics without changing even a single reader. All the solutions of Zwipe do the needful for Biometric databases redundancy as the data is stored securely on the card for every individual user. Due to this feature, only the card owner can use and also it’s not possible to extract fingerprint data from that card. The main focus of Zwipe is at present in Identification credentials/Badges, access control, and payment cards. Zwipe has its exclusive departments allocated for that specific purpose like Research and Development in Colorado Springs, USA, Sales and Distribution in Hong Kong, SAR and Sales and Marketing in Oslo, Norway.

Funding

Recently, Zwipe has raised $14M to add an extra amount to the earlier raised Series B funding round with Photon Future and European Commission as the lead investors. This newly raised funds will be utilized for commercializing the technology by embedding a fingerprint reader and release their product in the global market.

Zwipe Products

Zwipe Payment Solution

 


Biometrics is already advancing in many payments and banking industries as various organizations are taking several security measures to improve further and protect the means of their interaction with the end users and customers. Keeping this in view, Zwipe’s Biometric payment card mainly focuses not only on prevention of fraud but also eliminates the requirement for PIN and completes the transaction within few seconds. Zwipe payment blends the security of Biometrics with the speed of Contactless. The Payment solutions of Zwipe enables customers to have Fast, more secure and better user experience by assuring the safety of their private information located on the card.

Zwipe Access Control

Using Zwipe access card, users can upgrade their existing Access Control solution to Biometrics immediately with no much effort. Following the method of On-card enrollment and Authentication, the card becomes exclusive to the individual and only the right cardholder will be able to activate the communication of the card with the Reader. This implicates that there would be no more borrowing or lending of badges which in turn reduces the security concerns relating to the loss of ID credentials. Biometric exchange of data is not possible with the external systems which assure customers provides secure Template management, Elimination of Integration, Management, and Protection of the fingerprint database.

Zwipe Access control demo kit

This kit of Zwipe allows its user to enroll the finger, Authenticate and then test the credentials with existing readers. The demo kit contains three credentials of which each credential with special firmware demonstration allowing the deletion of the fingerprint from a Card, Enabling each person to test the authentication and enrollment process.

Conclusion

The Identification and Payment cards of Zwipe possess the world’s only Biometric Authentication engine which is able to perform the full verification of ID without a need for Batteries or Fixed power supply. This made Biometrics easy and more authentic for any transaction and the main driving factor for the success of Zwipe. The Performance rate and the growth rate led Zwipe to enhance and develop more products and build strong partnerships among the Key stakeholders.

 

Categories: funding News

Olark

Categories