SecureKey raises US$20.5M to fund digital identity network, CEO returns

October 20, 2016 - 

SecureKey Technologies has raised $27 million CAD $20.5 million USD) in growth capital to fund the commercial rollout of a privacy-enhancing digital identity network.

This latest investment funding round was led by financial institutions, including BMO Bank of Montreal, Bank of Nova Scotia, CIBC, Desjardins, Royal Bank of Canada and TD.

“SecureKey is creating an ecosystem for customers to manage their digital assets securely and conveniently. It’s a model that is being developed with substantial input from TD and other banks,” said Rizwan Khalfan, EVP and chief digital officer at TD. “Investing in innovation that will improve the customer experience is core to our strategy. Given the priority we place on security and privacy, we’re uniquely positioned to help shape this offering.”

Following the success of its SecureKey Concierge federated authentication service, SecureKey and its partners have established this strategic collaboration to accelerate the development of a new service to be launched in 2017.

The new service will simplify the process for consumers to manage their digital assets and to assume control of their digital identity in a privacy enhanced and secure way.

In addition, SecureKey founder and chairman Greg Wolfond has returned as CEO to lead the company’s collaboration with the financial services providers, continue the growth of SecureKey Concierge, and drive the next-generation identity and digital asset sharing initiative.

“We want to help put the consumer back in the middle and let them take control of their digital assets, to share what they want, with whom they want, and always with informed consent,” said Wolfond. “We are excited to be working with so many partners to develop and deliver a national ecosystem that puts consumers first. Canada’s largest financial institutions are among the most trusted in the world, and we could not have a better group of aligned strategic investors for this groundbreaking initiative.”

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.