Mastercard Makes Strategic Trust Stamp Investment

Mastercard Makes Strategic Trust Stamp Investment

Mastercard has further solidified its relationship with Trust Stamp after formally making a strategic investment in the company. Based out of the Georgia Institute of Technology, Trust Stamp went through Mastercard’s Start Path accelerator back in 2018, and later collaborated with Mastercard on an AI-based authentication solution that does not rely on Personally Identifiable Information.

That solution can be used in online and offline settings, and was formally unveiled at ID4Africa 2019 in Johannesburg.     

“Our initial work with Mastercard has been focused upon enhancing privacy and data security in environments with low connectivity,” said Trust Stamp CEO Gareth N. Genner. “The programs currently being developed have the potential to improve the lives of communities around the world and we are proud to be a key component of the underlying technology.”

“This is part of our commitment to make the digital economy work for everyone,” added Mastercard Humanitarian and Development Program SVP Shashi Raghunandan.

The two companies did not disclose the size of Mastercard’s investment. Trust Stamp previously outfitted U.S. and Mexican authorities with facial recognition technology to help them track the victims of human trafficking. More recently, the company hired former U.S. Marshall John Bridge to act as its new Director of Financial Crime Services.