PayByFace names new Advisory Board member, gets funding to support biometric payments growth

biometric facial recognition

Biometric payment processing platform PayByFace has named Sreejit Ankarath, head of the Consulting, Transformation and Global Alliances with Tech Mahindra, as the newest member to its Advisory Board, the company announced.

“We are very excited to have Sreejit join our Advisory Board here at PayByFace! He was in some ways instrumental in the whole idea behind PayByFace and have been a great inspiration in continuing our journey,” said Mihai Draghici, founder and CEO, PayByFace, in the announcement. “He is a great complement to our team of experienced investors and advisors and adds a unique perspective, given his expert business innovation, consulting and transformation. Sreejit is a thought leader in the key areas where PayByFace is focused, making his appointment a strategic and integral part of our company’s growth.”

A post-graduate in management with multiple certifications in Digital Marketing SMU, Dallas, Design Thinking, 6 Sigma and COPC, Ankarath brings over 25 years of experience to the table. Passionate about corporate innovation, business transformation and intelligent automation, he has led sales teams, delivery, consulting and operations in IT Consulting and Managed Services across Asia-Pacific, USA, LATAM and Europe. A successful startup mentor, Ankarath has also exited two startups in the past.

“I am very excited to be associated with PayByFace and to see their evolution from an ideation to successful launch across several markets is simply unbelievable. Kudos to the entire team led by Mike,” said Ankarath in a statement. “I think the business and customers across the globe will demand more on how they will use their personal identity especially their face to ensure credibility and authenticity to their transactions and PayByFace will stand to gain from this spectrum of opportunities. Excited to be a part of the team and contribute to their growth and add value as they continue to grow.”

According to Romanian financial newspaper Ziarul Financiar, Raiffeisen Bank’s local branch has selected PayByFace for funding this year. PayByFace is one of the 112 startups to each receive 50,000 euros, in the third edition of the “factory by Raiffeisen Bank program.” This year, the companies are focused on services, production, food, IT, education and health, while 70 percent of the entrepreneurs are under 40.

“We expected this health crisis to cut the momentum of entrepreneurs with business ideas, but this was not the case. We are convinced that Romania has many confident and courageous entrepreneurs, ready to carry out their plans,” Vladimir Kalinov, retail vice president at Raiffeisen Bank, told the publication.

The program received a total of 368 projects, but only 220 passed the interview stage. As many as 27 of these submitted ideas related to COVID-19 prevention.

“Through this initiative, Raiffeisen Bank encourages the establishment and development of startups with innovative ideas and solid business plans, and entrepreneurs who have been selected for financing will benefit from a series of experiences to help them grow. Starting from financial advice, access to events, mentoring and promotion sessions, the bank offers a series of opportunities so that their business becomes sustainable,” Kalinov added.

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