Vein-based biometric verification POS Fingopay surpasses crowdfunding target

Global payments company Fingopay has pulled in up to £773,310 in its crowdfunding campaign, surpassing its initial goal.

The crowdfund, which is being raised on CrowdCube, had an initial target of £750,000 and is being raised at a pre-money valuation of £33m. The sale has not closed yet, with 19 days left on the sale.

So far, the campaign has received contributions from 287 investors – Fingopay has offered a total of 2.25 per cent of its equity to investors for the sale.

Fingopay is a biometrics-protected POS platform designed to counter fraud and ‘inadequate verification’ processes with transactions. Its aim is to speed up secured transactions, while also helping companies to improve the use of gift cards by ensuring it is the correct consumer with the card.

The platform uses Hitachi’s VeinID to authenticate and verify payments, by scanning a consumer’s finger, but instead of authenticating the fingerprint it maps the unique pattern of veins. The scan is matched with details stored in the cloud, and once verified, payments are completed, all within seconds.

A consumer can use the POS terminals to make payments without having a card or cash, and there are no spending limits, like with contactless payments.

To date, the company has raised £5m from institutional investors.

Earlier in the year, Mastercard announced plans to provide its customers with access to biometric authentication services by April 2019. The company is hoping to offer consumers with the ability to pay with fingerprints and facial recognition next year.

Copyright © 2018 FinTech Global

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