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FacePhi secures €4M to provide biometrics to global fintech markets

 

FacePhi has secured €4 million (US$4.4 million) in funding from Swiss investment company Nice&Green to boost adoption of the company’s biometric onboarding and authentication products in the U.S. and Asian fintech markets, the company announced.

The investment amounts to warrants worth €3.5 million and a capitalizable loan of €500,000. The investment obligation is for €4 million until September 2020.

FacePhi CEO Javier Mira explained that “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.”

The capital will be invested in increasing the number of team members, in developing new solutions and expanding business development and commercial efforts for the South Korean office and other markets where it conducts business, especially in Latin America. Expansion to the U.S. market is a key priority to fulfill with the financial support from Nice&Green.

FacePhi’s SelphID facial recognition-based digital onboarding solution is already deployed by Argentinian Banco del Sol, by Banco de Crédito del Perú, and Banco Bolivariano in Ecuador, among others.

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