UK-based PixelPin nabs £1.5m in its pre-Series A round

PixelPin, an image-based authentication platform, has closed its pre-Series A round on £1.5m.

The round was led by SBI Investments, a subsidiary of Japanese banking group SBI Holdings, deploying £1m into the funding round through its SBI AI & Blockchain Fund. The remaining £500,000 came from existing angel investors.

UK-based PixelPIN will use the capital to target new customers in the finance and retail spaces, as well as boost its product development. The RegTech is also hoping to use the capital to launch new offices in Tokyo to serve as a base for its expansion in Japan and other countries in Asia.

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.

PixelPin CEO and co-founder Geoff Anderson said, “This latest round of investment is a fantastic step forward for PixelPin and illustrates the level of confidence the global investor community has PixelPin and the UK fintech industry.

“We’ve been extremely diligent in our search for the right investor partners and are delighted that SBI Group has chosen to work with us as we look to expand our reach into Japan and the wider Asian market where we’re sure the group’s knowledge and experience will be a huge asset.”

Following the close of the round, the company has raised a total of $4.5m in equity, supporting its expansion across Asia, Europe and the Americas.

Copyright © 2019 FinTech Global

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