Zwipe, a Norway-based fingerprint payment startup, announced on Monday it secured NOK 120 million (USD 14 million) in the offering of new shares ahead of a planned admission to trading on Merkur Market, Oslo Børs. Founded in 2009, Zwipe describes itself as a biometric tech startup that is focused on developing and commercializing secure, fast and easy to use biometric authentication solutions in three key areas, which are payments, access control, and ID.
“All of Zwipe’s solutions make the need for biometric databases, either on external servers or on cloud-based systems redundant, since the biometric data is securely stored on the card itself for each individual user. Only the rightful owner of the card can use it, and the fingerprint data cannot be deleted or extracted from the card. Unparalleled technical performance and peace of mind for both the organization and the end-user.”
According to Zwipe, the offering comprised a total 6,000,000 new shares in Zwipe at a price per share of NOK 20, corresponding to NOK 120 million ($14 million). The pre-money valuation of the company was NOK 189 million ($22 million). Speaking about the investment, André Løvestam, CEO of Zwipe, stated:
“Zwipe is at the forefront of a global shift towards more secure and convenient contactless payments and the market is primed for growth. We are confident that our industry leading technology and partnerships will secure a strong market position both in the short and long-term. Thanks to the new funding received, we can intensify our efforts to support our customers and partners in Making Convenience Secure.”
Jörgen Lantto, Chairman of the Board of Zwipe, added:
“The capital raise and subsequent admission to trading at Merkur Market are important milestones for Zwipe, as the company seeks to capitalize on its strong position in the biometric payment marketplace and as the payment industry moves towards bringing biometric payment cards to consumers. We would like to thank our existing shareholders for their continued support and welcome all new shareholders to Zwipe.”
Trading in the Zwipe share is expected to commence on or about January 28th.