Zwipe Brought in $5.5 Million From Latest Financing Round

“The funding may be seen as an indication of investors’ excitement over biometric payment cards, which are poised to have a breakout year in 2018 as major financial services firms like Mastercard and Visa prepare large-scale launches.”

Zwipe‘s private placement last month paid off, with the company now announcing that it has brought in a total of $5.5 million from its latest financing round.

About $4.3 million of that came from the private placement itself, announced at the start of December as a means of funding Zwipe’s efforts in the emerging biometric payment cards market. On top of that, Zwipe was able to raise $1.2 million in addition, bringing the total amount that Zwipe has accumulated in equity, debt, and grants to $25.6 million.

The funding may be seen as an indication of investors’ excitement over biometric payment cards, which are poised to have a breakout year in 2018 as major financial services firms like Mastercard and Visa prepare large-scale launches. Zwipe technology is being used in a pilot project organized by Visa, the Bank of Cyprus, and Gemalto that will see bank customers provided with fingerprint-scanning payment cards – an early step in what could turn into a major set of deployments for Zwipe and its partners.

After the company’s latest funding round, Zwipe reports that its key employees and board members hold 37.2 percent of outstanding shares.

(Originally posted on FindBiometrics)