Zwipe, an Oslo, Norway-based biometric startup, raised $14m in funding.
Ahead of a planned listing of the company on Merkur Market, Oslo Børs, the company launched an offering comprised a total 6,000,000 new shares at a price per share of NOK 20, corresponding to NOK 120 million ($14m).
The pre-money valuation was NOK 189 million ($22m).
In accordance with their pre-commitments, Zwipe’s board of directors, large shareholders including Jörgen Lantto (Chairman) and Lars Windfeldt (principal owner and board member), and new institutional and professional investors have subscribed for a total of approximately 4.5 million shares for a total of NOK 90 million ($10.5m). The retail tranche, consisting of approximately 1.5 million new shares corresponding to NOK 30 million ($3.5m), offered to existing shareholders in the company and to the general public in Norway and Sweden, was oversubscribed.
Approximately 2,300 investors have been allocated shares in Zwipe.
Zwipe has applied for admission to trading of the shares on Merkur Market and it is expected that Oslo Børs will approve the listing application of the company on or about 25 January 2019
Founded in 2009 by Kim Humborstad and led by André Løvestam, CEO, Zwipe is a biometric tech company that is focused on developing and commercializing secure biometric authentication solutions in three key areas, payments, access control and ID. The technology can be implemented in a wide range of high volume applications.
All of Zwipe’s solutions make the need for biometric databases, either on external servers or on cloud-based systems redundant, since the biometric data is securely stored on the card itself for each individual user. Only the rightful owner of the card can use it, and the fingerprint data cannot be deleted or extracted from the card.