Authentication solution developer Veridium has joined the Mastercard Start Path, a program designed to help late-stage startups rapidly scale through its global network of customers and partners.
Veridium was chosen for its multi-factor authentication solution which uses biometrics to establish trusted digital identities. The RegTech has joined six other FinTech companies on the program and will look to change the payments and commerce space, it said.
As part of the programme, Veridium will receive training programs and access to the Mastercard global network and build strategic business relationships.
Veridium develops frictionless authentication services which link biometrics with smartphones to create trusted digital identities.
Veridium CMO Lori Cohen said, “In today’s digital world, we’re committed to helping companies enhance security and privacy in the face of increasing cyber threats and to meeting changing regulatory requirements like GDPR and PSD2.
“We look forward to working closely with Mastercard and its network of customers and partners to provide innovative authentication solutions using biometrics like our 4 Fingers TouchlessID technology to better protect businesses around the world.”
The Mastercard Start Path is an industry-wide collaboration which connects banks, merchants and startups to develop technology solutions which change the financial services and payment spaces. From an application pool of just under 2,000, Mastercard selects 40 startups over the year.
Selection requirements include, demonstrated commercial traction with clear product differentiation, strategic alignment with Mastercard’s strategic innovation initiatives, an experienced team and previous funding.
Last year, Veridium raised $16.5m in a Series B funding round which was led by UK entrepreneur Michael Spencer. It raised the funds to drive innovation and support the development of its biometric authentication platform.
