DigiDoe raises $1M for cardless, no-phone biometric payments
London-based biometric payments startup DigiDoe has recently announced an £850,000 (roughly $1.15 million) investment led by Joint Journey.
The company has created a fraud-inhibiting, multi-currency payments system that uses multi-factor biometrics-based technologies, eliminating the need for cards or NFC-enabled smartphones.
The fresh funds will now enable DigiDoe to develop its technology further over the course of a 12-month runway.
“It’s immensely encouraging to have customers knocking at the door so early in DigiDoe’s journey, as we revolutionize the creaky payments infrastructure that businesses have to deal with every day,” comments DigiDoe Co-founder and Executive Director Alexandra Vidyuk.
According to the executive, while cash payments have substantially decreased and phone and card payments have soared in recent months, behind the scenes the global payments infrastructure is still very much behind.
“DigiDoe is changing all that and more,” Vidyuk says. “With our secure, fraud-free solution all you’ll need to pay for dinner in the future is your smile.”
The company’s proprietary biometrics-based ‘7D’ user authentication technology reportedly utilizes state-of-the-art algorithms, as well as secure channel ‘signatures’ to increase security.
“DigiDoe’s cutting-edge technology unleashes the payments system of tomorrow, and we are thrilled to be part of that journey,” states the company’s co-founder Sergey Dashkov.
According to the biometrics firm, DigiDoe can generate 200,000 transactions per second, compared to the estimated 60,000 of current credit card providers.
“The payments infrastructure of today is ripe for disruption and we believe DigiDoe is the disruptor to succeed,” Dashkov concludes.