Passwordless Authentication Startup Completes $6M Funding Round

LoginID has raised $6 million in a seed funding round, the company has announced.

The funding round was led by a small group of prominent FinTech investors, including Fabrice Grinda, Will Wang Graylin, George Wallner, and Damien Balsan. It also featured contributions from Leonis Investment and Asli RI, an Indonesia-based KYC specialist.

Balsan has been added to LoginID’s Advisory Board, where he will join Ipsidy CEO Phil Kumnick, among others.

With offices in San Mateo and Toronto, LoginID has seen a rising profile in the authentication space. The startup offers a FIDO-certified authentication platform, which was enhanced last year with the integration of Ipsidy’s biometric identity verification technology based on facial recognition and document reading.

LoginID also collaborated with Ipsidy on a new passwordless authentication solution aimed at the enterprise dubbed “AuthentifID”, which was officially launched last month.

In a statement announcing the funding round, Grinda, who heads the VC fund FJ Labs, highlighted LoginID’s compliance with FIDO Alliance standards. LoginID’s platform was recently certified as compliant with FIDO’s Android, iOS, and UAF 1.1 server standards.

“I was struck by the simplicity of LoginIDs integration capability, for what can typically be a complex, laborious process,” explained Grinda. “The market potential for deploying a fully certified FIDO API in the financial industry and its potential to disrupt current non-compliant authentication is significant.”

For LoginID’s part, co-founder and CEO Simon Law said, “With our investment partners, we share a vision for applications, websites and e-commerce to scale biometric use as effortlessly as it is also secure and compliant.”

(Originally posted on Mobile ID World)