FacePhi, a biometrics technology developer, has established a partnership with Panama-based Credicorp Bank.
The deal will enable the bank to integrate biometric capabilities into its onboarding process for its mobile apps and web platform. Its new onboarding tools will be used across the Credicorp Bank group.
FacePhi is a Spanish RegTech company which offers clients facial biometric solutions which help banks to improve their onboarding. Selphi is the company’s biometric service which enables users to access their accounts or approve transactions via a selfie.
SelphID is the digital onboarding tool which uses real-time facial liveness detection to ensure the person creating an account is who they claim to be. Alongside facial biometrics, the RegTech offers Look&Phi, an eye biometric service and PhiVox, which provides access through a voiceprint.
Credicorp will be integrating the SephID service into its bank accounts.
FacePhi CEO Javier Mira said, “it is the first contract of the year, although I am convinced that more will come in the coming months.”
“We have just closed a very good year, in which our business pathway has been consolidating and settling more in the market. This has given us wings to place us as a safe and forward-looking value in the MAB, something that benefits us for attracting new investors and obtaining financing help for our business development.”
Last year, FacePhi secured €4m in a mixture of equity and a capitalized loan. It raised the funds to support its growth across the American and Asia markets, as well as hire more staff and deepen its service offerings.
The RegTech also secured a €200,000 investment from COFIDES just months after the former round. This capital was raised to help its expansion in South Korea.
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