Biometric card developer Zwipe has raised $5 million in equity funding from Photon Future Ltd., the company has announced. Photon Future is a subsidiary of Kuang-Chi Group, an investor in innovative technologies.
In a statement acknowledging the investment, Zwipe CEO Kim Kristian Humborstad explained that it would help the company in “preparing to expand our global reach and product offerings,” as it strives to take advantage of a biometric market that is rapidly progressing. Zwipe’s payment card features a built-in fingerprint sensor and NFC technology, allowing for contactless transactions based on biometric authentication. Having received accolades at last year’s CARTES conference and this year’s ISC West, Zwipe’s technology – which also has applications in access control – has garnered considerable interest; the company has even worked with MasterCard to develop its own biometric credit card based on the Zwipe concept.
Now, with mPayments helping to further popularize biometric authentication for digital payments, Zwipe is in a position to further promote the benefits of its technology, and the new investment should help the company in those ambitions. It’s also a big investment for Kuang-Chi, whose 20 percent stake makes it Zwipe’s largest shareholder. Speaking on the investment, Kuang-Chi founder Dr. Liu Ruopeng said “Zwipe is at the forefront of the emerging field of biometric identification and we are excited about the company’s impressive technology and opportunities.”
Source: Find Biometrics