Zwipe pulls in $14m funding, ahead of trading on Merkur Market

Norway-based biometric technology developer Zwipe has closed a new round of funding on NOK 120m ($14m), ahead of the release of trading on Merkur Market, Oslo Børs.

Investors to the round were not disclosed, but the company said the round was over-subscribed and received interest from institutional and professional investors. It was also backed by members of the public across Norway and Sweden, it claimed.

The capital injection was split by $10.5m coming from new institutional and professional investors, and the remaining $3.5m coming from previous backers and retail investors. This funding was facilitated through the sale of six million new shares in Zwipe at NOK 20 apiece. A pre-money valuation of Zwipe was set at NOK 189m ($22m).

There are approximately 2,300 investors to be allocated Zwipe shares.

As previously outlined in Zwipe’s plans for 2019, the RegTech is looking to gain admission for trading on Merkur Market. Expectations are that Oslo Børs will approve the listing later in the month, with trading commencing shortly after.

Zwipe CEO André Løvestam said, “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.”

Zwipe develops biometric technology for payments, access control and identity. The company has built a payment card which has an embedded fingerprint scanner which verifies the transaction at the point-of-sale.

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