Zwipe Raises Millions on Back of Private Placement

“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.

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January 17, 2018 – by Alex Perala