IrisGuard, a UK-based provider of Iris Recognition Technology (IRT) payment solutions, received an investment from Goldman Sachs’ Merchant Banking Division.
The terms of the transaction were not disclosed.
Founded in 2001 by its current CEO Imad Malhas and Rudain and Karim Kawar, IrisGuard serves millions of unbanked customers through its EyePay® Platform, used by the United Nations and government aid agencies around the world for the delivery of financial aid, by providing beneficiaries with cash based transfers and other assistance using iris recognition.
IrisGuard’s technology is especially suited to individuals with no bank accounts, such as migrant workers, displaced persons, refugees, natural disaster victims, and social welfare recipients. IrisGuard allows such individuals to access cash withdrawals, food vouchers, bank wires and money transfers using solely their eyes for identity verification and ensuring a fully-secure transaction.
The platform is also blockchain-ready, with IrisGuard working in partnership with the United Nations to enable goods to be purchased using iris recognition and settled directly on the blockchain.