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CardLab gets $10M financing offer to support advance of biometric smart cards

CardLab gets $10M financing offer to support advance of biometric smart cards
 

US Capital Global Securities LLC has announced it has provided Danish biometric card provider CardLab with financial advisory services, resulting in a $10 million convertible note financing offer.

With over 200 patents globally, CardLab provides ISO 7810 compliant fingerprint biometric cards that can be used for banking, access, memberships, healthcare, IDs, loyalty, and gift certificates. ID, finance, and access cards contain additional security features, while loyalty and gift cards will require less security, the company notes.

The biometric card can also be used as an “All-in-One Bridge card,” combining information traditionally saved on different cards into one. It has received grants from the EU Innovation Council, among other investors.

CardLab previously secured pilot orders from the U.S. Department of Defense, which fell through as a result of supply chain issues caused by the global pandemic, according to the announcement.

“Our efforts encompassed the strategic design of a $10 million capital raise round for CardLab, generating substantial interest and multiple offers,” says Lisa Terk, SVP at US Capital Global. “Additionally, we strategically positioned the Company to access new markets through a dedicated field office in Fort Worth, Texas, while fostering connections with prominent financial institutions.”

CardLab began working with US Capital Global Securities on the equity offering back in 2021, as it works towards commercializing its biometric smart cards.

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