LoginID, a biometrics authentication services provider, has received strategic funding from payments giant Visa, hot off the heels of its seed round.
The size of the fresh investment was not disclosed. LoginID previously raised $6m in its seed round in March 2021, with commitments coming from a group of angel investors, which included FJ Labs founding partner Fabrice Grinda, Will Wang Graylin and Hypercom founder George Wallner.
LoginID offers a selection of APIs and software development kits to empower companies to incorporate FIDO-certified authentication to their websites and applications. The company claims services can be built and implemented within 15 minutes.
LoginID CEO Simon Law said, “Visa recognises its role in promoting a secure payment experience for consumers and a frictionless transaction processing for merchants.
“Together, we are helping companies integrate and scale strong authentication at low cost, while ensuring compliance with PSD2 and GDPR regulations.”
There is a rising demand for biometrics services. By the end of 2021, it is expected a total of 18 billion payment transactions will have been verified through biometrics.
Visa claims this deal with LoginID will support the development of the technology and help companies reduce successful fraudulent incidents.
Visa senior vice president Melissa McSherry said, “Biometric technologies offer greater convenience and stronger security, and are the gold standard for online authentication. Visa’s investment and continued partnership with LoginID will help deliver innovative solutions that will improve convenience and payment security.”
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