Illuma Shield features a simple enrollment process that lets callers register by saying “yes” during a regular call, eliminating the need for specific phrases or special enrollment lines. The company reports that over 95 percent of invited callers complete enrollment.
“Our tech and operations teams went through deep due diligence and have been highly impressed with the quality and simplicity of Illuma’s offerings, which address a critical gap for mid-market FIs,” said Nick Elsenpeter, Senior Vice President of Venture Lending and Banking at Stifel Bank.
The investment reflects growing industry adoption of voice authentication technology, as illustrated by the Bank of Ireland’s recent €34 million investment in voice biometrics and increasing implementation by credit unions to improve security and customer experience.
“This strategic financing marks an exciting milestone for Illuma as we continue to scale and provide financial institutions with cutting-edge authentication solutions,” said Milind Borkar, CEO of Illuma. “The support from Stifel underscores the growing demand for frictionless security solutions that reduce operational costs while enhancing consumer trust.”
Source: Finovate
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February 24, 2025 – by the ID Tech Editorial Team
