FB pixel

Payments startup gets $2.85M in pre-seed for multi-biometric ID platform

Payments startup gets $2.85M in pre-seed for multi-biometric ID platform
 

Wink, a Texas company, has raised $2.85 million in pre-seed funding for its payments and biometric identity platform that combines face, voice, and device recognition for secure e-commerce without passwords.

It also features digital voice-printing biometrics from video to verify identities.

“There is an opportunity to simplify payments and authentication, starting with e-commerce, but eventually the entire Web3 movement,” says Deepak Jain, CEO and founder of Wink. The goal is to enable transactions that do not rely on passwords, credit account numbers or authentication devices.”

Wink uses three-factor authentication, merging two biometric modalities and tokenization. This forms a verifiable biometric identity for login and payment.

The pre-seed funding, which Wink claims was oversubscribed by $1.85 million, was led by Cerracap Ventures and incubator Carneros Bay.

Also participating, according to the company, were Tntra Ventures and executives in the payments, e-commerce, cybersecurity, ID verification, blockchain, and chip industries.

Wink is a dba (‘doing business as’ or trade name) for Payfave, a firm founded in 2021 and which raised $1.75 million in a debt offering last January, according to the Securities and Exchange Commission

Saurabh Ranjan, CEO of Cerracap, says Wink will bring biometrics-based payments and authentication to the general market.

Ranjan says Wink will take some business that Amazon might otherwise have gotten. Its platform can cut fraud, increase conversions, and promote customer loyalty, features Amazon and few others have been able to promise.

Among those few others are FinGo with vending machines that process biometric payments and age verifications; and biometrics-based payment vendor PopID.

The Wink platform will debut this fall. It is being shown to payment processors, networks, identity verification companies, e-commerce platforms, and merchants. It also will be on display at the Retail Innovation Conference & Expo in Chicago from May 10 to 12.

Executives say they are fleshing out use cases in e-commerce, Web3 payments, and connected-car payments.

Article Topics

 |   |   |   |   |   |   |   |   | 

Latest Biometrics News

 

Financial institutions stumbling into phishing-resistant MFA gaps, report warns

Financial institutions seem aware that phishing is worsening, but that awareness has not translated into stronger authentication across the workforce….

 

Proof, Enigma link KYB to authorized people, AI agents with biometrics

Proof and Enigma have launched Business Certificates, a cryptographic credential that connects a verified business identity to the people and…

 

Investors back Lissi, Gataca’s expansions to meet EU Digital Identity Wallet moment

A pair of European digital wallet developers have new resources to pursue market share in the nascent continental ecosystem for…

 

New Incode age estimation tool processes biometrics on-device

Prompted by the introduction of online safety regulations globally, Incode has released an on-device age estimation product. An announcement from…

 

Western Australia privacy commissioner not consulted on police facial recognition trial

The Office of the Information Commissioner of Western Australia (OIC WA) says it was not invited to participate in any…

 

Toppan, Raonsecure pilot cross-border VC interoperability between Japan and Korea

Toppan and Raonsecure have launched a digital identity proof of concept (PoC) pilot that generally aims to build a Japan-Korea…

Comments

Leave a Reply

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

Biometric Market Analysis and Buyer's Guides

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events