Biometric technology company Zwipe has secured NOK120m ($14m) in the offering of new shares ahead of a planned admission to trading on Merkur Market, Oslo Børs.
Image: Zwipe secures $14m funding. Photo: Courtesy of adamr/FreeDigitalPhotos.net.
Zwipe stated that the investment is in accordance with a previously announced commitment by the board members, new institutional and professional investors had subscribed to about 4.5 million shares for a total of NOK90m ($10.5m).
The remaining NOK30m ($3.5m) was secured, by offering a retail tranche of 1.5 million shares to existing shareholders and to the general public in Norway and Sweden.
Zwipe CEO André Løvestam said: “Zwipe is at the forefront of a global shift towards more secure and convenient contactless payments and the market is primed for growth. We are confident that our industry leading technology and partnerships will secure a strong market position both in the short and long-term. Thanks to the new funding received, we can intensify our efforts to support our customers and partners in Making Convenience Secure.”
Zwipe had applied for admission to trade shares at Merkur Market and it is expected that Oslo Børs will approve the listing application, in or around 25 January.
Trading of its shares is expected to begin in and around 28 January this year.
Zwipe board chairman Jörgen Lantto said: “the capital raise and subsequent admission to trading at Merkur Market are important milestones for Zwipe, as the company seeks to capitalize on its strong position in the biometric payment marketplace and as the payment industry moves towards bringing biometric payment cards to consumers.
“We would like to thank our existing shareholders for their continued support and welcome all new shareholders to Zwipe.”
The company’s biometric technology focuses on developing secure, fast and easy way-to-use biometric authentication solutions. The company is claimed to be one of the first to use a battery-less, contactless (and contact based) biometric payment system by means of fingerprint authentication.
The technology has the capacity to address data theft risks that are present in traditional authentication methods and at the same time offers a simple, frictionless and secure user experience.
During the last couple of years, the company has entered into several partnerships with important payment companies. This has led the company to position itself as a leading biometric technology company.
Some of its partners include Gemalto and Chinese card manufacturer, Silone CardTech.