SecureKey Technologies, a Canadian provider of identity and authentication solutions, has landed C$27m ($20.56m) in growth capital.
BMO Bank of Montreal, Bank of Nova Scotia, CIBC Capital Partners, Desjardins Venture Capital, Royal Bank of Canada and TD Bank all participated in the round, which brings the company’s fundraising total to $91m.
Founded in 2008, SecureKey is an identity and authentication provider that claims to simplify consumer access to online services and applications. The startup is headquartered in Toronto, with offices in Boston and San Francisco.
The new round of funding will be used to fund the commercial rollout of a privacy-enhancing digital identity network. With the capital it will look to accelerate the development of its new service, which will be launched in 2017. The service claims to make it easier for consumers to manage their digital assets and to take control of their digital identity in a privacy enhanced and secure way.
Along with the investment, SecureKey also announced that founder and chairman Greg Wolfond has returned as CEO to lead the company’s collaboration with the nation’s largest financial services providers.
“SecureKey pioneered federated identity and authentication in Canada by empowering consumers with secure and convenient access to online services. Banks like RBC are uniquely positioned to collaborate with SecureKey to realize a digital ID because of our deep knowledge of clients, best-in-class security standards, and our strict regulatory requirements,” said Eddy Ortiz, VP, Solution Acceleration & Innovation, RBC.
“SecureKey’s digital identity service will provide our clients with the peace of mind that they have come to expect, and will be a foundational building block in building consumer trust for the evolving digital economy.”
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