March 6, 2017 -
Zwipe issued its financial results for Q4 2016 in which the company stated that it is continuing to make progress on testing, product expansion and market development in the areas of payment, access control and ID solutions.
In preparation for large scale commercialization, Zwipe has invested in organizational development, internal infrastructure and customer-centric R&D.
In terms of the payment verticle, the company said it is currently on track for an expected launch in 2017 of dual interface biometric payment cards.
The company also entered new statement of work agreements with two multinational card manufacturers in the quarter.
Regarding access control and ID solutions, Zwipe said it received a large follow-up order from an existing customer in the United States.
The unnamed critical infrastructure company, which has an extensive network of facilities across the West Coast, made the order following a successful initial deployment.
Prior to the order, Zwipe secured a new partnership with ISG, a network of 33 solutions resellers across North America.
The agreement will provide Zwipe with entry to an extensive sales channel for both access and ID solutions.
Zwipe also recently signed a letter of intent with a reputable Chinese public transportation company, which will help increase the company’s global product deployment.
In February, Zwipe completed a $4.3 million private placement of new shares to existing and new investors with members of the board, including Jörgen Lantto, participating.