Trust Stamp has officially entered the 2020 OnRamp Insurance Accelerator. OnRamp was established to drive innovation in the insurance industry, and will be run virtually due to the COVID-19 pandemic. The Accelerator usually takes place in Minneapolis through a partnership with Allianz Life and Securian Financial.
As a member of OnRamp, Trust Stamp will receive $100,000 in Series A funding and gain access to the gener8tor network of investors. The company is one of five that were selected for the second cohort in the Accelerator.
Trust Stamp is hoping that OnRamp will extend its reach in the insurance industry. The company has already gained traction in the payments space as a provider of biometric identity and anti-fraud technology, and previously went through Mastercard’s Start Path accelerator in 2018. Mastercard has also made a strategic investment in the company.
“While regulatory mandates rightfully require institutions to verify customer identities to a high degree of confidence, the sharing and storage of user data poses a great risk to institutional security and individual privacy,” said Trust Stamp President and Co-Founder Andrew Gowasack. “We are excited to explore applications to improve customer experience, enhance institutional security, and protect user privacy in the insurance industry.”
Trust Stamp’s facial recognition technology has been deployed to track human trafficking in the U.S. and Mexico. The company itself hired a former U.S. Marshall to lead its financial crime division back in 2019.