Ant Financial Services Group, the financial services affiliate of e-commerce group Alibaba, acquired US-based identity authentication technology developer EyeVerify for $100m on Tuesday, providing exits to several corporate investors.
EyeVerify produces biometric software that allows users to unlock their smartphones, make secure mobile payments and log into apps and services using only a selfie. It was integrated into Ant Financial’s authentication platform earlier this year through a licensing agreement.
Jason Lu, Ant Financial’s vice-president of fraud risk management, said: “The acquisition of EyeVerify is a critical part of our effort to make bold, yet thoughtful moves to continually enhance user trust, safety and experience.
“It is an important extension of our efforts to accelerate the global adoption of secure mobile payments and allows us to improve our overall risk management.”
EyeVerify had raised approximately $13m in funding since it was founded in 2012, according to Kanas City Business Journal, $6m coming in a 2014 series A round featuring cybersecurity software producer Qihoo 360, electronics manufacturer Samsung and telecommunications firm Sprint.
Other exiting investors included financial services firm Wells Fargo Bank, Mid-America Angels, Think Big Partners and Nebraska Angel Network. EyeVerify will continue to operate from its Kansas City headquarters, as a subsidiary of Ant Financial, serving financial services companies across the world.