OVE Touch & Go raising equity funding to commercialize biometric payments

OVE Touch & Go has turned to crowdfunding platform StartEngine to commercialize its biometric retail payment technology and fingerprint point-of-sale (POS) terminals.

The company is currently in the process of raising funds, targeting $3 million for 15 percent of the company’s common stock, OVE CEO Caio Buchalla tells Biometric Update in an email. StartEngine would be the lead source of funds, but with a target on the platform of $1.23 million, significant funding would have to come from elsewhere. OVE has already raised over $500,000, according to its StartEngine page.

OVE unveiled the prototype for its fingerprint biometric scanner just a few months ago, and shared a video on LinkedIn demonstrating how to link fingerprints with payment cards and accounts and carry out biometric payments. Payment methods are associated with specific fingers through an app on the users’ phone, which connects to the POS device for a typical fingerprint biometric enrollment process. Once the enrollment is complete, payments are made by scanning a fingerprint on the same device.

The company’s pitch on StartEngine cites estimates that the POS platform and mobile POS payments markets are worth $172 billion, combined. The pitch notes that its app and scanner are protected by two patents, and that the company works with Fingerprint Cards on sensor co-development.

Just getting listed on StartEngine is a significant step for OVE, Buchalla says.

“StartEngine’s stringent process ensures that only the most promising startups can raise funds on their platform,” says Buchalla. “This includes verified technology, granted patents and trademarks, accurate financials, background checks on all team members, and, of course, innovation.”

“We are proud to be the first biometric startup with a fingerprint service to join the platform.”

OVE claims a $20 million valuation, and investors can acquire equity in OVE Touch & Go for $3 a share, with a minimum investment of $249.

Article Topics

biometric payments  |  biometrics  |  crowdfunding  |  fingerprint biometrics  |  fingerprint readers  |  funding  |  OVE Touch & Go  |  point-of-sale  |  retail biometrics