OSLO, NORWAY – 13 DECEMBER 2018 – Biometric technology company Zwipe is proud to announce that it has been awarded a EUR 2.3 million (NOK 23 million) grant from the European Commission as part of Horizon 2020. The grant will support Zwipe’s commercial go-to-market ability by funding its scale-up initiative "Generation NxT” and will be paid out in tranches over the next 24 months.
Horizon 2020 is the largest European Union (EU) Research and Innovation program with nearly EUR 80 billion of funding made available over a seven-year period from 2014 to 2020. It aims to facilitate European breakthroughs, discoveries and world-firsts by taking ideas from the lab to the market by promoting European innovation and competitiveness on a global scale.
More than 1850 companies across the European Economic Area applied for grants in this most recent application round, with only 3% of applicants receiving funding. Zwipe’s application and selection were rooted in its innovative approach to developing and launching the world’s first battery-less biometric payment card, designed to enable a more secure means of completing contactless transactions without requiring any changes to the existing payments infrastructure. The EU acknowledged the scale of this challenge and recognized the merit of Zwipe’s proprietary biometric and power harvesting technology platform to make convenience secure on cards, wearables and other form-factors deployed in the financial services industry. The grant will support Zwipe’s Generation NxT initiatives that include technological development, certification and commercialization of a proprietary application specific integrated circuit (ASIC) tailored for energy harvesting and power management, as well as efforts focused on cost reduction and supply-chain readiness to facilitate Zwipe’s scale-up and go-to-market capacity.
Zwipe’s biometric technology is currently being piloted by Banca Intesa Sanpaolo in Italy, the Bank of Cyprus and by 10 leading banks in five different countries across the Middle East with several more banks planning to commence pilots in the coming weeks with support from the world’s largest payment schemes.
Commenting on this major achievement, CEO of Zwipe, André Løvestam said “We are humble and grateful for this stamp of approval from the European Commission in recognition of the value our technology offers to our customers and stakeholders on a global level. We take this recognition as a confirmation that our technology can play a dynamic role supporting the goals of recent European directives, such as PSD2 and GDPR, in addressing the need for strong customer authentication, data protection and consumers’ right to privacy as biometrics becomes an integral part of everyday life.”
Zwipe is a technology solution provider that enables battery-less, ultra-low-power, self-contained biometric authentication solutions. Together with an ecosystem of partners including global brands within security, financial services and ID applications, Zwipe is “Making Convenience Secure™” for banks, merchants and consumers. Using advanced fingerprint recognition while protecting personal information, Zwipe’s solutions address the data theft pitfalls inherent in traditional authentication methods. Headquartered in Oslo, Norway, Zwipe has spent the last 10 years developing its unique power harvesting technology platform in combination with security solutions based on international infrastructure standards. To learn more, visit www.zwipe.com
Media Contact for Zwipe: Ado Fazlic, VP Marketing, +47 930 44 040 firstname.lastname@example.org