FacePhi Biometrics has received a €200,000 investment from COFIDES to help strengthen its implementation in South Korea.
The capital injection was made through COFIDES’ Fund for Foreign Investment Operations for Small and Medium Enterprises (FONPYME).
To support the expansion, FacePhi will contribute an additional €100,000 to the project. This capital pool will cover the workforce, rental and promotion costs in South Korea.
FacePhi believes South Korea is major steppingstone for its internationalization strategy, with the rising demand for biometrics in the Asia-Pacific region.
The Spanish-headquartered RegTech company designs facial biometric solutions which improves the identification processes at financial institutions and banks. Its digital applications empower a user to make requests and operations, open account and conduct mobile banking services.
It works by a user taking a selfie on their mobile and using this as an ID for their mobile banking app.
Earlier in the year, the company secured €3.5m in equity and €500,000 in a capitalized loan from Nice&Green. The funds were raised to support growth in the American and Asian markets.
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