FacePhi, a facial recognition and mobile biometrics company, has netted €3.5m in equity funding and €500,000 in a capitalized loan from Nice&Green.
This investment will accelerate the growth of the company in the American and Asian markets. Additionally, capital is being used to hire new staff, develop new solutions and boost commercial actions and business development.
Nice&Green is a Switzerland-based investment form which backs small and medium-sized companies. The firm will also help FacePhi penetrate the US market.
The RegTech startup helps banks and financial institutions to improve their identification processes. The technology enables a user to take a selfie on their mobile and use this as an identification means for their bank’s mobile application.
FacePhi CEO Javier Mira said, “with this financial alliance our company has more capacity to expand its commercial network and accelerate its growth in high-potential markets such as Latin America, the United States and Asia, where just a few months ago we opened our first headquarters in South Korea.”
Last year, FacePhi integrated ID R&D’s voice biometrics technology IDVoice into its mobile security solution inPhinite as part of a new partnership.
inPhinite is a tool combining facial, optical, fingerprint, signature and voice recognition capabilities to help clients improve their digital onboarding and identity authentication capabilities.
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