ZWIPE Raises $4M in Preparation for Scale-Up

By | February 2, 2017

OSLO, NORWAY– 2 February 2017, –Biometric technology company Zwipe is pleased to announce that the company has completed a $4.3 million (NOK 36.5 million) private placement of new shares to existing and new investors, including its newest board member, Jörgen Lantto, and other members of the board. This latest equity capital round follows Zwipe’s $5 million financing in 2015 and brings total raised in equity, debt and grants since inception to $19 million.

 

Started in 2009, Zwipe is focused on developing and commercializing secure, fast and easy to use biometric authentication solutions in three key areas: payments, access control, and ID. Within payment and identification cards, Zwipe has the world’s only biometric authentication engine that can perform full ID verification without the need for batteries or a fixed power supply.

 

Zwipe is pursuing a growth strategy and has strengthened its organisation, board, partnerships and market presence further during the last part of 2016 and into 2017. The company is preparing a commercial launch of technology for payment solutions and is now moving towards a larger scale product roll out.

 

“We are adding capital to strengthen our financial flexibility, assuring our ability to deliver on our positive and maturing partnerships across the world,” said Kim Humborstad, Founder and CEO of Zwipe, adding “this latest financing enables continued investment in organizational development, internal infrastructure and customer centric innovation on our biometric authentication solutions. We look forward to continue on our scale-up journey in 2017 and beyond.”

 

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NOTE TO EDITORS: A downloadable press kit can be found at zwipe.com or by clicking here.

Zwipe IR Contact: Lisbeth Breum, CFO +47 93 22 81 26, [email protected]

Source: Zwipe