Zwipe, a Norway-based biometric authentication technology developer backed by technology development group Kuang-Chi, has secured NOK120m ($14m) in an oversubscribed share offering.
The company raised the capital by offering 6 million new shares, priced at NOK20 ($2.30) per share, to approximately 2,300 investors at a pre-money valuation of $22m. It follows a $2.6m grant from the European Commission as part of the Horizon 2020 scheme last month.
Founded in 2009, Zwipe is developing biometric activated banks cards that use a combination of contactless payment technology and biometric fingerprint scanning to authorise transactions.
The company is also working on ID cards and access controls that include inbuilt fingerprint readers. It has applied for a public listing on the Merkur Market in Oslo, Norway, and expects to begin trading by the end of this month.
Kuang-Chi subsidiary Photon Future purchased a 23% stake in the company through a $5m investment in 2015, two years after it raised $2.5m in series A funding through a private placement from undisclosed investors and $1m in grant funding from the Norwegian government.
Zwipe CEO André 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.”