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FacePhi receives backing to expand facial biometric offerings to South Korea

FacePhi is receiving financial support from Spanish business investment body COFIDES to support the implementation of its facial recognition software in South Korea, according to a company announcement.

COFIDES will provide €200,000 to FacePhi through the Fund for Foreign Investment Operations for Small and Medium Enterprises (FONPYME), with the company contributing an additional €100,000 to cover the workforce, rental, and promotional costs of its South Korea subsidiary. The expansion is an important step in FacePhi’s international growth strategy, the company says, due to the product potential it has in one of the leading international markets for authentication and identification.

The company says the project is related to Sustainable Development Goal (SDG) 9, to create sustainable industry, innovation, and infrastructure, through its promotion of innovation, fraud prevention, and paperless technology.

FacePhi CEO Javier Mira emphasizes “the strong demand for biometrics products that currently exists in the APAC area,” which he says represents “an exceptional opportunity to publicize and market our technology in Asian countries, breaking through in this new market and consolidating our internationalization strategy.”

Banks around the world, most recently including Banesco Panama, have signed more than 30 contracts with FacePhi, to allow more than 6 million users to make requests, perform transactions, open accounts, and perform certain operations at branches and ATMs.

COFIDES President José Luis Curbelo notes the innovative nature of FacePhi’s offerings and its experience in the industry, which he calls “two key aspects to address a successful internationalization process in one of the countries with more potential for the next years regarding to biometrics and its commercial use.”

FacePhi announced €4 million in funding in September to bring its biometric technology to the global fintech market.

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