Keyless Raises $2M, Targets Market Expansion

London-based Keyless has raised $2 million in a new funding round led by existing investors Rialto Ventures and Experian Ventures, bringing total funding to $10 million over the last 18 months.

The funding comes at a pivotal and exciting time for the startup, which offers an identity platform based on sophisticated face biometrics technology, and a decentralized approach to data that effectively breaks biometric information into pieces to ensure that it cannot be hacked or compromised. Keyless says it achieved year-over-year growth exceeding 700 percent in 2024, and it has reported a rapid expansion in its customer base across the United Kingdom, Europe, and North and South America. Its clients span banking and financial services, the crypto sector, and gaming.

The startup has also demonstrated considerable advancement on the technological front. Last week, Keyless announced a very strong debut in the National Institute of Standards and Technology (NIST) Face Recognition Vendor Test (FRVT) 1:1 Verification evaluation program, demonstrating low False Match Rates across all testing categories and ranking among the top 50 facial recognition vendors globally.

That kind of technology is powering products including its recently announced Keyless IDV Bridge, an identity management tool that enables the bulk enrolment of existing users alongside the integration of new users while complying with banks’ Know Your Customer procedures.

The new funding is expected to fuel further technological advancement and product development, and to help Keyless leverage its strengths for further market expansion, with a particular focus on North America. Keyless recently appointed advisors including former Mastercard SVP Sarah Clark and former Mitek GM Charles Walton to bolster those efforts, though of course the company is seeking to ride the wave of growing enthusiasm for biometric identity technology across all markets.

“The biometric identity market for financial services is expected to grow at a remarkable CAGR of 41% over the next three years, reaching $40 billion globally,” said co-founder and CEO Andrea Carmignani. “At Keyless, we have already seen a significant shift in the adoption of privacy-preserving biometrics that can reduce fraud whilst improving the user experience at the same time. We’re looking forward to what 2025 will bring.”

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January 22, 2025 – by Alex Perala