Image-based authentication service PixelPin has raised up to £1.4m in a crowdfunding campaign, coming hot off the heels of a pre-Series A round.
The RegTech initially had a crowdfunding goal of £1.3m, but after surpassing this target to reach £1.4m, it is unclear what the hardcap for the round will be. This crowdfund is being raised via the Seedrs platform and has received contributions from 137 backers – a total of 10.90 per cent of PixelPin’s equity has been sold, so far.
A pre-money valuation of PixelPin has been set at £11.9m.
This funding round has come just a month after the RegTech closed a £1m pre-Series A round from SBI Investments, a subsidiary of Japanese banking group SBI Holdings.
It raised the pre-Series A capital to support product development and launch new offices in Tokyo in order to foster growth in Asia.
UK-based PixelPIN is a cloud-based platform which aims to replace passwords and PINs for banking and online accounts with a picture. It works by a user selecting a photo of their choice and then identifying four specific points on the image which must be selected in sequence to log in to the account.
Since the platform launched, it has raised a total of $4.5m in equity.
There has been a lot of focus on improving access on to accounts by moving away from PINs and passwords. Last week, Santander formed a deal with Nuance Communications to develop Voice ID solutions which will let its customers verify themselves by repeating a phrase.
This month has also seen Natwest release a pilot test for biometric payment cards, the first of its kind issued by a UK bank. The service will let customers pay for items by scanning their finger on the card instead of entering a PIN.
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