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Zwipe tops up with $14M to bring biometric payment cards to market this year

Posted by on Jan 21, 2019 in biometrics, Europe, Fingerprint, Fundings & Exits, Identification, mastercard, Middle East, payments, Security, Touch ID, Zwipe | 0 comments

Biometric payment card startup Zwipe has swiped $14M to add to an earlier Series B round as it continues to work towards commercializing technology that embeds a fingerprint reader in payment plastic for an added layer of security.

“We are not commercially rolled out yet, we expect that to happen in the second half of this year, starting first in Europe and potentially in the Middle East,” a spokesman told us, saying the financing will be used to scale up the company to prepare for a commercial rollout of a biometric payment card solution in the second half of 2019.

He said it’s also eyeing additional form factors such as wearables down the line, penciling in 2020 for expanding into other devices and verticals.

Although it has yet to push its tech past the pilot stage with payment cards.

“Our technology is currently deployed in pilot programs in Italy, with Intesa Sanpaolo Bank and with 10 different banks across the Middle East,” the spokesman told us. “We have active partnerships globally. In APAC, specifically China and the Philippines, we expect to launch further trials in the near term. In Europe we have piloted with the Bank of Cyprus and expect to launch several more trials in Europe in the first half of 2019.”

Back in 2014, working with MasterCard, it showed off a credit card with an embedded fingerprint reader, seemingly taking a leaf out of Apple’s approach with Touch ID.

The new funding was raised via an offering of 6M new shares, from around 2,300 investors, ahead of a planned listing of the company on Merkur Market, Oslo Børs. Zwipe says the share offer was substantially over-subscribed, and it expects trading to commence on or around January 28. The pre-money valuation of the company is stated as NOK 189 million ($22M).

Commenting on the raise in a statement, CEO Andre Løvestam said: “Zwipe is at the forefront of a global shift towards more secure and convenient contactless payments and the market is primed for growth. We are confident that our industry leading technology and partnerships will secure a strong market position both in the short and long-term. Thanks to the new funding received, we can intensify our efforts to support our customers and partners in ‘making convenience secure’.”


Source: The Tech Crunch

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Flutterwave and Visa launch African consumer payment service GetBarter

Posted by on Jan 17, 2019 in africa, android, Apple, cameroon, ceo, Column, credit cards, E-Commerce, economy, Facebook, Finance, flutterwave, Ghana, greycroft, kenya, M-Pesa, mastercard, money, Nigeria, online payments, rave, San Francisco, South Africa, spokesperson, Uber, Uganda, visa, vodafone | 0 comments

Fintech startup Flutterwave has partnered with Visa to launch a consumer payment product for Africa called GetBarter.

The app based offering is aimed at facilitating personal and small merchant payments within countries and across Africa’s national borders. Existing Visa card holders can send and receive funds at home or internationally on GetBarter.

The product also lets non card-holders (those with accounts or mobile wallets on other platforms) create a virtual Visa card to link to the app.  A Visa spokesperson confirmed the product partnership.

GetBarter allows Flutterwave—which has scaled as a payment gateway for big companies through its Rave product—to pivot to African consumers and traders.

Rave is B2B, this is more B2B2C since we’re reaching the consumers of our customers,” Flutterwave CEO Olugbenga Agboola—aka GB—told TechCrunch.

The app also creates a network for clients on multiple financial platforms, such as Kenyan mobile money service M-Pesa, to make transfers across payment products, national borders, and to shop online.

“The target market is pretty much everyone who has a payment need in Africa. That includes the entire customer base of M-Pesa, the entire bank customer base in Nigeria, mobile money and bank customers in Ghana—pretty much the entire continent,” Agboola said.

Flutterwave and Visa will focus on building a GetBarter user base across mobile money and bank clients in Kenya, Ghana, and South Africa, with plans to grow across the continent and reach those off the financial grid.

“In phase one we’ll pursue those who are banked. In phase-two we’ll continue toward those who are unbanked who will be able to use agents to work with GetBarter,” Agboola said.

Flutterwave and Visa will generate revenue through fees from financial institutions on cards created and on fees per transaction. A GetBarter charge for a payment in Nigeria is roughly 40 Naira, or 11 cents, according to Agboola.

With this week’s launch users can download the app for Apple and Android devices and for use on WhatsApp and USSD.

Founded in 2016, Flutterwave has positioned itself as a global B2B payments solutions platform for companies in Africa to pay other companies on the continent and abroad. It allows clients to tap its APIs and work with Flutterwave developers to customize payments applications. Existing customers include Uber, Facebook, Booking.com, and African e-commerce unicorn Jumia.com.

Flutterwave has processed 100 million transactions worth $2.6 billion since inception, according to company data.

The company has raised $20 million from investors including Greycroft, Green Visor Capital, Mastercard, and Visa.

In 2018, Flutterwave was one of several African fintech companies to announce significant VC investment and cross-border expansion—see Paga, Yoco, Cellulant, Mines.ie, and  Jumo.

Flutterwave added operations in Uganda in June and raised a $10 million Series A round in October that saw former Visa CEO Joe Saunders join its board of directors.

The company also plugged into ledger activity in 2018, becoming a payment processing partner to the Ripple and Stellar blockchain networks.

Flutterwave hasn’t yet released revenue or profitability info, according to CEO Olugbenga Agboola.

Headquartered in San Francisco, with its largest operations center in Nigeria, the startup plans to add operations centers to South Africa and Cameroon, which will also become new markets for GetBarter.


Source: The Tech Crunch

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