FB pixel

Nxt-ID biometric authentication and payments business spin-off delayed


The proposed spin-off of Nxt-ID’s assets, including its payment, authentication, and credential management business into an independent publicly traded company has been delayed, the company announced. Nxt-ID now plans to complete the spin-off in the first quarter of 2019.

The planned spin-off was originally announced in September, with Nxt-ID committing to invest $6 million in the new company, which will include the assets Nxt-ID acquired when it merged with Fit Pay. The plan is for the new company to apply for a listing on the NASDAQ exchange.

“The reason for the delay in completing the transaction is that, after much effort, we were unable to come to terms with our primary lender regarding the release of their security interest in assets that we are proposing to spin off,” said Gino Pereira, Chief Executive Officer of Nxt-ID. “We are currently working with a number of other lenders to replace the existing long-term facility to remove the security interest. We will announce a new record date when we have better clarity on the timing to complete the transaction and to receive various regulatory approvals. We are now targeting to conclude the spin-off before the end of the first quarter of 2019.”

Nxt-ID patented a method of utilizing data or algorithms across multiple devices for user recognition and authentication earlier this year, and has partnered with Discover and Garmin to leverage Fit Pay’s technology.

Article Topics

 |   |   |   | 

Latest Biometrics News


Best biometrics use cases become clearer as ecosystems mature

Biometrics are for digital identity, socio-economic development, air travel and remote identity verification, but not public surveillance, the most-read news…


UK Biometrics and Surveillance Camera Commissioner role survives as DPDI fails

UK parliament will not pass data protection legislation during the current session, following the announcement of the general election in…


EU watchdog rules airport biometrics must be passenger-controlled to comply with GDPR

The use of facial recognition to streamline air passenger’s travel journeys only complies with Europe’s data protection regulations in certain…


NZ’s biometric code of practice could worsen privacy: Business group

New Zealand is working on creating a biometrics Code of Practice as the country introduces more facial recognition applications. A…


Demonstrating value, integrated payments among key digital ID building blocks

Estonia has achieved an enviable level of user-centricity with its national digital identity system through careful legislation and fostering collaboration…


Strata Identity launches uninterrupted identity services product

There are a few things that can be more annoying than your office computer logging you out of applications because…


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events