COFIDES Provides €200,000 for FacePhi’s South Korean Expansion

FacePhi will be getting a boost from COFIDES as it looks to expand its foothold in South Korea. The facial recognition specialist first announced the creation of a FacePhi APAC subsidiary back in May, and has now revealed that it will receive a €200,000 investment from the COFIDES Fund for Foreign Investment Operations for Small and Medium Enterprises (FONPYME).

The funds will be used to hire new employees, rent office space, and promote FacePhi’s technology solutions. FacePhi CEO Javier Mira noted that there is a high demand for biometric products in the APAC region, which provides FacePhi with “an exceptional opportunity to publicize and market our technology in Asian countries, breaking through in this new market and consolidating our internationalization strategy.”

COFIDES is a public-private entity that provides financial support to help Spanish companies go abroad and conduct business outside of Spain. The FacePhi project marks the organization’s first foray into South Korea.

FacePhi, meanwhile, will supplement COFIDES’ €200,000 with €100,000 of its own money, bringing the total investment for the project to €300,000. The COFIDES news comes shortly after FacePhi received a €4 million investment from the Swiss investment firm Nice & Green.

FacePhi’s current clientele includes many banks throughout Spain and Latin America. Banesco Panamá is the company’s most recent customer.

–

November 18, 2019 – by Eric Weiss