Zwipe Raises $14M to Launch Fingerprint Payment Cards in Europe
Biometric payment card startup Zwipe secures an additional $14 million to fund its commercial rollout of fingerprint-enabled credit cards later this year. The company currently runs pilot programs across Europe and the Middle East ahead of its market debut.
Biometric payment card startup Zwipe raises an additional $14 million to support the commercial launch of its fingerprint-enabled payment cards. The company plans to introduce the technology to the market in the second half of 2019, starting in Europe and potentially expanding into the Middle East. This new funding serves as an extension to its earlier Series B round and aims to help the startup scale up operations ahead of the official rollout.
The startup currently tests its embedded fingerprint readers through active pilot programs with Intesa Sanpaolo Bank in Italy and ten different banks across the Middle East. Zwipe also runs trials with the Bank of Cyprus and prepares to launch additional trials in the Asia-Pacific region, specifically in China and the Philippines. The underlying technology takes inspiration from mobile fingerprint sensors like Apple's Touch ID to add an extra layer of security to contactless transactions.
Zwipe gathers this capital through an offering of six million new shares from approximately 2,300 investors. The share offer experiences significant over-subscription ahead of a planned listing on the Merkur Market at Oslo Børs, with trading expected to commence around late January. Beyond payment cards, the company eyes 2020 as the timeframe for expanding its biometric technology into other form factors such as wearables and different industry verticals.