OSLO, NORWAY – 25 October 2022 – During the third quarter, Zwipe AS (“Zwipe” or “the company”) continued to strengthen its platform and market position to help its customers deliver biometric payment and access control cards to the market.
Significant events during the period
Significant events after the period
Operational review
In August 2022, Zwipe received the Component Conformity Statement (CCS) certificate from Mastercard, a significant milestone for the Zwipe Pay platform. With this certification, Zwipe became the first biometric payment card platform available to SCMs to achieve scheme approvals from both VISA and Mastercard. Soon after this announcement, Tag Systems was the first of our SCM customers to receive approval by Mastercard to deploy their biometric card products using the Zwipe Pay platform. Certification from Mastercard is expected to further accelerate issuer pilots and planned launches based on Mastercard's network.
Zwipe continues to focus on executing our signed issuers’ pilots. In total, seven issuer pilot projects are progressing according to issuer plans – including our first major announced pilot, the global Tier-1 bank pilot and the MEPS pilot. Additional pilot launches are expected in the coming quarters, with start dates to be defined by issuers. Zwipe’s SCM customers also saw a significant expansion in their issuer pipelines during the quarter, beginning engagements with ten new large and medium sized banks – primarily in the Latin America (“Latam”) and Asia Pacific (“APAC”) regions.
We also continued to make significant progress for Zwipe Access during the third quarter. In July, Fraport AG announced the conclusion of The Digital Factory – Biometric Security Controls project at Frankfurt Airport. Zwipe Access cards were tested by Fraport employees in real-time and passed all project requirements successfully. Zwipe is now shortlisted as a suitable contender to provide next generation access control when Fraport moves forward. Just after the end of the third quarter, Civix, one of America’s leading providers of security solutions to over 100 airports in North and Latin America, selected Zwipe’s access control technology to augment their security propositions for airport operations – further enhancing Zwipe’s position in the airport vertical.
On the technology side, the R&D team has continued to make good progress on finalizing our mobile enrollment solution for both Android and iOS, ensuring value-added enhancements that will enable consumers to have a seamless enrollment experience.
Zwipe also took an important step by establishing a dedicated Customer Success team to accelerate pilot execution. Jens Hansen was recruited to lead this department and becomes a member of the Zwipe Leadership Team, while several employees were transferred to the Customer Success unit.
Most importantly, Zwipe is ending the year with strong momentum, having announced the single largest commercial order in a quarter to date for Zwipe. Further traction with this SCM and others is expected in 2023.
Financial review
Zwipe had total revenue of 0.8 mNOK during Q3 2022 versus revenue of 0.4 mNOK in Q3 2021. Net cash flow from operations was -24.2 mNOK versus -15.8 mNOK in Q3 2021, equating to an underlying average monthly operating cash flow in the third quarter of 2022 of -8.0 mNOK. Cash and cash equivalents stood at 85.8 mNOK at the end of Q3 2022 compared to 183.7 mNOK at the end of Q3 2021.
Operational update presentation
CEO Robert Puskaric and CFO Danielle Glenn will do a short presentation on the operational update today, Tuesday October 25th, at 09:30 CET.
Webcast details
Format: Webcast and Q&A
Language: English
Link: Zwipe Q3 2022 operational update
Participants will be required to register to view the webcast and participate in the Q&A
########
This information is subject to the disclosure requirements in the Market Abuse Regulation (EU 596/2014) and the Norwegian Securities Trading Act section 5-12, and is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 08:00 on 25 October 2022.
########
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit http://www.zwipe.com.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
+47 909 98 201, ir@zwipe.com
OSLO, NORWAY – 18 October 2022 – Zwipe AS will publish an operational update on 25 October 2022 at 08:00 CET. On the same day at 09:30 CET, the Company will host a webcast to present the operational update. After the presentation, the webcast will be opened up for questions from the audience.
Participants are encouraged to submit their questions prior to the webcast at the link below. Participants will be required to register to view the webcast and participate in the Q&A.
Webcast details
Date: 25 October 2022
Time: 09:30 CET
Format: Webcast and Q&A
Language: English
Link: https://q4-emea.wavecast.io/zwipe-as-q3/2022
###
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
+47 909 98 201
danielle@zwipe.com
Biometric smart cards increase security, reduce time and costs
NEW ORLEANS, LOUISIANA and OSLO, NORWAY – 14 October 2022 – In partnership with Zwipe, Civix is expanding its Aviation Secure Credentials (ASC) suite of solutions with a biometric smart card for access control. The ASC Access Cards use built-in fingerprint sensors to check the legitimacy of cardholders at points of entry. The cards are fully compatible with traditional NFC card readers, so airports can use them to implement two-factor authentication without upgrading the existing hardware. The solution is also contactless, a priority for high-traffic facilities, like airports, in light of COVID-19.
“We’re excited to continue expanding on our end-to-end suite of security solutions for airport secure credentials with the addition of ASC Access cards,” said Tim Walsh, President of Civix Airports, a trusted partner to the FAA, state aeronautics departments, and over 100 airports worldwide. “The icing on the cake is that ASC Access cards work with existing hardware, meaning airports save costs and avoid holdups associated with complicated implementation and supply chain delays.”
ASC Access cards work by giving each user a card containing their unique fingerprint data in a secure chip. When placed near a reader, the card compares the fingerprint of the person holding the card with the fingerprint data stored on the card. If they are a match, the card generates an access code and directs the control infrastructure to grant access.
“Basically, the person assigned to the card must be holding it in order to get access. It’s a simple way for airports to improve security,” Walsh explained. The authentication process is self-contained within the card, so biometric data is not transmitted and separate biometric reader hardware is not required.
“This is a heightened level of security that is incredibly fast, easy, and affordable to implement,” said Robert Puskaric, President & CEO of Zwipe. “Civix is a highly reputed system integrator and solution provider to the airport industry, and we are proud to include our biometric smart card technology to its suite of solutions improving airport security.”
Civix ASC Access cards can be used with any access control system or as part of Civix’s suite of ASC solutions, which includes IDMS software, a self-service badging kiosk, and Aviation Channeling Data Management System formerly known as Designated Aviation Channeling (DAC) services to facilitate the fast, seamless communication of biographic and biometric data securely from aviation badging entities to the federal government.
“We know airports and the challenges they face, that’s why we’re especially proud to offer affordable solutions that eliminate friction throughout entire credentialing process, from self-service badging to automated background checks to access control,” said Walsh.
About Civix Airports
Built on decades of experience and a deep understanding of airport processes, Civix provides industry-leading solutions for managing airport operations, finance, and security. Our modular technology automates data sharing and seamlessly connects airport activities – improving oversight, revenue, and compliance. Our experts have worked in every facet of airport management, and Civix is a trusted partner to the FAA, state aeronautics departments, and over 100 airports worldwide.
To learn more, visit gocivix.com.
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit www.zwipe.com
For further information please contact Robert Puskaric, President and CEO, +46 70 519 34 07 info@zwipe.com
Biometric smart cards increase security, reduce time and costs
NEW ORLEANS, LOUISIANA and OSLO, NORWAY – 14 November 2022 – In partnership with Zwipe, Civix is expanding its Aviation Secure Credentials (ASC) suite of solutions with a biometric smart card for access control. The ASC Access Cards use built-in fingerprint sensors to check the legitimacy of cardholders at points of entry. The cards are fully compatible with traditional NFC card readers, so airports can use them to implement two-factor authentication without upgrading the existing hardware. The solution is also contactless, a priority for high-traffic facilities, like airports, in light of COVID-19.
“We’re excited to continue expanding on our end-to-end suite of security solutions for airport secure credentials with the addition of ASC Access cards,” said Tim Walsh, President of Civix Airports, a trusted partner to the FAA, state aeronautics departments, and over 100 airports worldwide. “The icing on the cake is that ASC Access cards work with existing hardware, meaning airports save costs and avoid holdups associated with complicated implementation and supply chain delays.”
ASC Access cards work by giving each user a card containing their unique fingerprint data in a secure chip. When placed near a reader, the card compares the fingerprint of the person holding the card with the fingerprint data stored on the card. If they are a match, the card generates an access code and directs the control infrastructure to grant access.
“Basically, the person assigned to the card must be holding it in order to get access. It’s a simple way for airports to improve security,” Walsh explained. The authentication process is self-contained within the card, so biometric data is not transmitted and separate biometric reader hardware is not required.
“This is a heightened level of security that is incredibly fast, easy, and affordable to implement,” said Robert Puskaric, President & CEO of Zwipe. “Civix is a highly reputed system integrator and solution provider to the airport industry, and we are proud to include our biometric smart card technology to its suite of solutions improving airport security.”
Civix ASC Access cards can be used with any access control system or as part of Civix’s suite of ASC solutions, which includes IDMS software, a self-service badging kiosk, and Aviation Channeling Data Management System formerly known as Designated Aviation Channeling (DAC) services to facilitate the fast, seamless communication of biographic and biometric data securely from aviation badging entities to the federal government.
“We know airports and the challenges they face, that’s why we’re especially proud to offer affordable solutions that eliminate friction throughout entire credentialing process, from self-service badging to automated background checks to access control,” said Walsh.
About Civix Airports
Built on decades of experience and a deep understanding of airport processes, Civix provides industry-leading solutions for managing airport operations, finance, and security. Our modular technology automates data sharing and seamlessly connects airport activities – improving oversight, revenue, and compliance. Our experts have worked in every facet of airport management, and Civix is a trusted partner to the FAA, state aeronautics departments, and over 100 airports worldwide.
To learn more, visit gocivix.com.
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit www.zwipe.com
For further information please contact Robert Puskaric, President and CEO, +46 70 519 34 07 info@zwipe.com
*** The only change in relation to the original release is the text on the reference to the Market Abuse Regulation.
OSLO, NORWAY– 11 October 2022 – Zwipe is proud to announce a significant commercial order for its Zwipe Pay platform, which enables smart card manufacturers to deliver biometric payment cards. This order has been placed by one of the world’s largest smart card manufacturers delivering tens of millions of payment cards globally.
The order value is approximately USD 225,000 and the shipment is targeted for later Q4 2022, making it the single largest commercial order for a quarter in Zwipe’s history. Most notably this initial order is part of a larger volume that the smart card manufacturer expects to place in 2023. This development comes after the smart card manufacturer has started to ramp up its production readiness to deliver biometric payment cards in high volume to key growth markets in Europe.
Robert Puskaric, President and CEO of Zwipe added, “It is encouraging to see the growing commitment from one of the largest smart card manufacturers to launch biometric payment cards in higher volumes from 2023 with Zwipe. Our platform’s Visa certification in March and Mastercard’s approval in August this year has further accelerated our customers’ interest to bring their next generation payment cards to markets in continued partnership with Zwipe”.
###
This information is subject to the disclosure requirements in Regulation EU 596/2014 and the Norwegian Securities Trading Act section 5-12, and is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 10:10 on 11 October 2022.
###
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
+47 909 98 201
ir@zwipe.com
OSLO, NORWAY– 11 October 2022 – Zwipe is proud to announce a significant commercial order for its Zwipe Pay platform, which enables smart card manufacturers to deliver biometric payment cards. This order has been placed by one of the world’s largest smart card manufacturers delivering tens of millions of payment cards globally.
The order value is approximately USD 225,000 and the shipment is targeted for later Q4 2022, making it the single largest commercial order for a quarter in Zwipe’s history. Most notably this initial order is part of a larger volume that the smart card manufacturer expects to place in 2023. This development comes after the smart card manufacturer has started to ramp up its production readiness to deliver biometric payment cards in high volume to key growth markets in Europe.
Robert Puskaric, President and CEO of Zwipe added, “It is encouraging to see the growing commitment from one of the largest smart card manufacturers to launch biometric payment cards in higher volumes from 2023 with Zwipe. Our platform’s Visa certification in March and Mastercard’s approval in August this year has further accelerated our customers’ interest to bring their next generation payment cards to markets in continued partnership with Zwipe”.
###
This information is subject to the disclosure requirements in Regulation EU 596/2014 article 19 number 3 and the Norwegian Securities Trading Act section 5-12, and is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 10:10 on 11 October 2022.
###
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
+47 909 98 201
ir@zwipe.com
OSLO, NORWAY – 26 September 2022 – Jens Hansen, VP of Customer Success in Zwipe AS, has today acquired 10,000 shares in Zwipe AS. After this transaction, Jens Hansen owns 10,000 shares in Zwipe AS.
The shares were acquired on Euronext Growth Oslo at a price of 6.50.
Attached is a copy of the form submitted to the Norwegian FSA, Finanstilsynet, reporting the transaction as listed above
###
This information is subject to the disclosure requirements in Regulation EU 596/2014 article 19 number 3 and the Norwegian Securities Trading Act section 5-12, and is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 13.30 on 26 September 2022.
###
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
+47 909 98 201
danielle@zwipe.com
New biometric card powered by the Zwipe Pay platform addresses customer demand for increased security and convenience
OSLO, NORWAY – 20 September 2022 – Tag Systems, a leading provider of payment cards (part of the AUSTRIACARD Group), has been granted approval from Mastercard to deploy biometric card products using the Zwipe Pay platform. Issuers and consumers will have access to biometric payment cards built on Zwipe Pay technology that operate seamlessly across Mastercard's global network, addressing consumers’ demand for increased security and convenience through biometric authentication.
“We congratulate Tag Systems for obtaining this approval for biometric payment cards built on our platform. This will be a key step in ramping up launches and volumes across Mastercard’s global payment card network. The door is now wide open for banks to deploy biometric payment cards and address the increasing consumer demand for safer, more convenient and secure ways to pay,” said Robert Puskaric, CEO of Zwipe.
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries & cultures to make convenience safe & secure. We are pioneering next-generation biometric card and wearables technology for both payment and physical & logical access control and ID solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit www.zwipe.com, contact Robert Puskaric, President and CEO, +46 70 519 34 07 info@zwipe.com
OSLO, NORWAY – 16 September 2022 – Zwipe, a leading biometric fintech company, is delighted to announce that Mr. Jens Hansen has started as Vice President, Head of Customer Success. Jens' focus will be to scale up and speed up the deployment of Zwipe Pay and Zwipe Access customer projects and commercial launches, ensuring excellent end-to-end deliveries to customers and partners across the value chain.
Jens joins Zwipe from his position as the Head of Commercial, Technology & Data at eBay (Italy), where he worked for over six years in different leadership positions. Prior to that he worked for over 10 years at Ericsson Mobile Platforms and ST-Ericsson leading the deployment of mobile platform products to a wide range of tier-1 mobile phone manufacturers.
“In Zwipe’s H1 2022 presentation last month I had mentioned that our top priority is now to scale up and speed up commercial launches, both on Zwipe Pay and Zwipe Access with top quality and professionalism. Jens is joining us at a crucial time when we are scaling our business and platform deployment globally. Jens’ wealth of experience in leading many customer delivery projects across various high-tech sectors will be a great asset,” says Robert Puskaric, President & CEO of Zwipe.
Jens will be a member of Zwipe’s leadership team and report to Robert.
“I am very excited to join Zwipe’s exciting mission to bring the next generation contactless experience globally- to financial institutions, fintechs and enterprises. We see a strong global demand for solutions that enable touch-less user experience and strong security. This is where biometrics play a key role. I look forward to being a part of the team at Zwipe and delivering these innovations with customer success as our main priority”, said Jens Hansen, Vice President, Head of Customer Success.
For further information please contact Robert Puskaric, President and CEO, +46 70 519 34 07 info@zwipe.com
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries & cultures to make convenience safe & secure. We are pioneering next-generation biometric card and wearables technology for both payment and physical & logical access control and ID solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit www.zwipe.com
OSLO, NORWAY – 24 August 2023 – Zwipe AS ("Zwipe" or "the company") today announces its results for the first half of 2023.
Significant events H1 2023
H1 2023 operational review
In May, Kuwait International Bank (KIB) announced the first commercial launch of biometric payment cards based on Zwipe Pay technology to their VISA Infinite customers in Kuwait. On the back of this launch, KIB is now considering making the biometric card more widely available to cardholders across their customer base. The announcement generated extensive interest in the region from our partners to either initiate or accelerate the launch of biometric payment card programs for other issuers. Later in May, MEPS, in partnership with Mastercard, announced the second commercial launch of BPCs from Zwipe. The MEPS announcement is significant as it will enable a wide range of regional banks to launch BPCs more rapidly.
During the first half, Zwipe also signed eight new partnerships with SCMs and perso bureaus in the APAC region. Early in the third quarter, Zwipe also signed a partnership agreement with a major Japanese SCM, a first for Zwipe in this very important market in terms of both payment transaction volume and value, and a second agreement with a partner in Taiwan. These new agreements and partnerships represent expanded geographic scope for Zwipe, and Zwipe is working closely with our partners to bring biometric payment cards to issuers in these large and dynamic new markets.
Zwipe also released the market’s first available mobile enrolment solution, including a Software Development Kit (“SDK”) with reference apps for iOS and Android available in the respective Apple and Google official app stores. Mobile enrolment solutions are deemed very important by issuers considering launches of BPCs. Zwipe also refreshed our payment scheme certifications and released Zwipe Pay version 1.1, based on the updated standards from Mastercard and Visa.
On the Zwipe Access side, Zwipe initiated several proofs of concept in our target verticals in the USA and Europe. Of particular importance was the announcement that our partner Civix is performing a PoC at Richmond International Airport in conjunction with Safe Skies Alliance. In total, more than ten PoCs are underway and progressing and approximately ten more PoCs are also already in the pipeline for the second half of this year. During the first half, we also signed multiple important go-to-market partners including industry leaders Cardlogix and OLOID and roughly doubled our number of GTM partners. In total, twelve partners have signed or are in the process of signing distribution agreements. The initiation of PoCs and signing of important GTM partners makes us confident we will see commercial deployments of the Zwipe Access solution in H2 2023.
Fundraising and restructuring
In March 2023, Zwipe successfully completed a rights issue raising approximately 100.1 mNOK in capital. While the fundraising should enable Zwipe’s transition toward commercialization, we are cognizant that market adoption of biometric cards through 2023 has been slower than anticipated, impacting not only Zwipe but also Zwipe's partners and competitors. As a consequence, we announced a restructuring of the company in June – bringing down costs substantially to reflect the current realities, but not affecting our ability to serve our customers and partners. These initiatives are expected to reduce the group’s operating costs in 2023 by approximately NOK 14 million compared to 2022 and lower the cost base by approximately NOK 35 million on an annual basis. Once executed, the improvements are expected to have full impact from the fourth quarter of 2023.
The main message from the restructuring announcement is that the development of both the Zwipe Pay and Zwipe Access products has largely been completed. In the context of R&D having been largely completed, the focus of the fundraising and the restructuring has been to accelerate Zwipe’s path towards commercialization.
H2 2022 financial review
Zwipe reported total revenues of 1.7 mNOK during H1 2023, up 113% from 0.8 mNOK in H1 2022, while total operating expenses increased by 9.0 mNOK to 57.5 mNOK in H1 2023 from 48.4 mNOK in H1 2022. The above resulted in net income for H1 2023 of -55.9 mNOK, 8.5 mNOK lower than -47.4 mNOK in H1 2022.
Total net cash flow for H1 2023, including cash flow from financing and investing activities, was 25.5 mNOK compared to -42.6 mNOK in H1 2022, as Zwipe successfully completed a rights issue raising 100.1 mNOK in gross proceeds in H1 2023. Cash flow from operations and investments, before financing and facilitation, decreased by -10.8 mNOK to -59.3 mNOK from -48.6 mNOK in H1 2022. The underlying average monthly operating cash flow in the H1 2023 was -9.9 mNOK compared to -8.1 mNOK in the same period last year. The monthly net burn rate is expected to decrease by roughly 30% in the second half of 2023 compared to the first half as a result of the June restructuring announcement.
On 30 June 2023, cash and cash equivalents were 76.0 mNOK, compared to 50.5 mNOK at end 2022 and 109.7 mNOK on 30 June 2022. The development in cash balance since year-end 2022 is mainly a result of the negative operational cash flow of 59.3 mNOK plus proceeds from the rights issue in H1 2023. Total assets stood at 98.4 mNOK and total equity as of 30 June 2023 was 85.4 mNOK, giving an equity ratio of 87%.
Going forward
Zwipe continues to make progress with its first Zwipe Pay commercial launches and multiple Zwipe Access PoCs being executed. But in the context of delayed volume ramp-up in biometric payment cards, the biometric access control market still being established, and a leaner organization, our focus will be on thoughtfully deploying funds to keep Zwipe on the path to real commercialization of our solutions.
Results presentation
CEO Robert Puskaric and CFO Danielle Glenn will present the H1 2024 results by webcast today, Thursday August 24th, at 10:00 CEST.
Webcast details
Date: 24 August 2023
Time: 10:00 CET
Format: Webcast and Q&A
Language: English
Link: https://app.webinar.net/gpBdkyWMaZP
Participants will be required to register to view the webcast and participate in the Q&A, and are strongly encouraged to submit their questions prior to the webcast on the registration page below or by sending questions to ir@zwipe.com.
###
This information is subject to the disclosure requirements in the Market Abuse Regulation (EU 596/2014) and the Norwegian Securities Trading Act section 5-12, and is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 08:00 on 24 August 2023.
###
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
OSLO, NORWAY – 18 August 2023 – Zwipe AS will publish its H1 2023 financial report on 24 August 2023 at 08:00 CET. On the same day at 10:00 CET, the Company will host a webcast to present the update. After the presentation, the webcast will be opened up for questions from the audience.
Participants are strongly encouraged to submit their questions prior to the webcast on the registration page below or by sending questions to ir@zwipe.com. Participants will be required to register to listen to the webcast and participate in the Q&A.
Webcast details
Date: 24 August 2023
Time: 10:00 CET
Format: Webcast and Q&A
Language: English
Link: https://app.webinar.net/gpBdkyWMaZP
###
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
OSLO, NORWAY and SUNNYVALE, CA – 18 JULY 2023 – OLOID Inc., a leading provider of physical identity and access technology, has selected biometric cards pioneer Zwipe as its technology partner in pursuing opportunities for biometric access cards across the many markets they serve.
OLOID is a multi-technology identity and access management endeavor with well-known investors like Dell, Honeywell, Okta and others investing in their future. OLOID intends to add Zwipe Access to its expanding global product portfolio.
With market-disrupting technology like the Zwipe Access “biometricsystem-on-card” platform, OLOID will be able to deliver a highly advanced and secure biometric card solution in conjunction with their own physical access, time clock and other IAM offerings.
According to Mohit Garg, Co-Founder and CEO of OLOID, “While the security industry has made significant advances in providing password-less technologies for cognitive workers, the login experience for frontline workers continues to be far from frictionless. Biometric access cards provide a massive opportunity to address the needs of this under served segment of users who do not work on company provided computers and smartphones but require freedom from user names and passwords related challenges to access workplace applications on kiosks and shared terminals.”
Speaking about the partnership, RobertPuskaric, President and CEO of Zwipe, says, “We are happy to partner with OLOID, a software-centric company that offers unique identity and access management solutions. We believe that our Zwipe Access biometric card is a fantastic fit for their global portfolio and a solid match for their retrofit readers.”
About OLOID
OLOID is a leading provider of physical identity and access technology committed to enabling secure and privacy-forward authentication for the modern workplace. OLOID's objective is to establish a unified identity framework that connects and manages workplace identity and access by integrating with HR, IT and various systems of records, thus enabling a unified digital identity across the organization. Headquarteredin Sunnyvale, CA, OLOID is backed by renowned investors including Dell Technology Capital, Honeywell Ventures, Okta Ventures, Unusual Ventures, Emergent Ventures, and WestWave Capital.
To kow more, visit https://www.oloid.ai/
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card technology for payment, physical and logical access control as well as identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway with a global presence.
To learn more, visit www.zwipe.com
OSLO, NORWAY – 10 July 2023 - Reference is made to the stock exchange announcement published by Zwipe AS (the "Company" or "Zwipe") on 28 June 2023 and the notice dated 28 June 2023 of an extraordinary general meeting in the Company to be held on 10 July 2023 (the "EGM").
All the items on the agenda were addressed and approved. Attached are the minutes of the EGM. The attendants of the EGM represented 25.07% of the votes in the company.
######
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
######
This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 15:00 on 10 July 2023.
For more information, please contact
Danielle Glenn
CFO and Head of IR, Zwipe AS
E-mail: ir@zwipe.com
TAIPEI, TAIWAN and OSLO, NORWAY – 04 July 2023 - Beautiful Card Corporation (BCC), a prominent Taiwanese card manufacturer with global deliveries, has been granted approval from Mastercard to deploy biometric payment cards using Zwipe Pay.
Speaking on this development, Shellen Hsu, Global VP – Sales & Business Development, BCC, says, “We are extremely delighted to obtain approval that enables the deployment of our biometric cards globally. With the growing awareness of biometric payments in the APAC region and beyond, this is crucial as we are witnessing a strong interest in our core markets to launch biometric payment cards based on the Zwipe Pay platform.”
Issuers and consumers will have access to biometric payment cards built on Zwipe Pay technology operating seamlessly across Mastercard's global network, addressing consumers’ demand for increased security and convenience through biometric authentication. Consumers will also benefit from more convenient, safe and secure ways to pay.
According to Patrice Meilland, Chief Strategy, Product and Marketing Officer, Zwipe, “This marks a significant step for BCC in the biometric payment market as issuers will have the opportunity to create differentiation, accelerate customer acquisition, uplift loyalty, and create new revenue streams. With this progress, we look forward to further strengthen our long-standing partnership with BCC and we will continue to develop together our business and technical relationship in the upcoming years.”
About BCC
With 31 years of experience in the smart card industry, BCC is a leading smart card manufacturer globally. Headquartered in Taipei, Taiwan, BCC is a Taiwanese-owned, GSMA SAS-certified, VISA, Mastercard and JCB-certified company with a global strength and local support. It is a neco-sustainable material provider that has compliance with RoHS, REACH, HF, CP65, ETSI, etc.
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe& secure. We are pioneering next-generation biometric card technology for both payment and physical & logical access control and ID solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway with a global presence.
To learn more, please visit www.zwipe.com
OSLO, NORWAY – 28 June 2023 - The Board of Directors of Zwipe AS (the "Company") call for an Extraordinary General Meeting (the "EGM") to be held on 10 July 2023 at 10:00 CEST. The EGM will be held as a digital meeting on Microsoft Teams.
Please find attached the notice of the EGM. The notice and Zwipe's Annual Report for 2022 are available on the Company's website, https://www.zwipe.com/investors.
Shareholders who wish to attend the EGM in person or by proxy or vote in advance are encouraged to register this electronically by following the link on the Company’s website https://www.zwipe.com/investors/general-meetings or via VPS Investor Services, by sending a signed version of the form attached to the notice by e-mail to genf@dnb.no, or by ordinary mail to: DNB Bank ASA, Registrars Department, Postboks 1600 Sentrum, NO-0021 Oslo. Notification of attendance, proxy or advance votes must be registered online or received by DNB Bank ASA, Registrars Department by 16:00 hours CEST on 7 July 2023.
In order to be invited to the meeting, Zwipe's administration will need to have the shareholder's email address in advance. Shareholders must after having registered their attendance also register their email address by sending an email to ir@zwipe.com prior to 16:00 hours CEST on 7 July 2023.
The Board of Directors (the "Board") has proposed the following agenda:
Proposed decisions from the Board:
Matter no. 4: Election of a new member to the Board
The Company's nomination committee (the "Nomination Committee") has proposed that the Board is supplemented by Robert Jansson. Subject to the EGM's approval, the Board for the period from the EGM and until the Company's annual general meeting in 2025 will comprise:
A mini-CV for Robert Jansson has been included as an attachment to the notice.
Matter no 5: Remuneration to the new member of the Board
The Nomination Committee proposes that Robert Jansson receives a remuneration of NOK 130,000 for the period until the Company's annual general meeting in 2024.
Matter no. 6: Approval that the Board may make amendments to the Company's RSU incentive program
On 11 May 2023, the Company's annual general meeting (the "AGM") adopted a resolution on a new incentive scheme directed towards the Company's leading employees and other key personnel in the form of so-called restricted share units (hereinafter the "RSU plan" and "RSUs"). The main rationale behind the RSU plan is to create long-term ownership, being expected to stimulate an increased interest in the business and performance development.
In the notice to the AGM, it was stated that the vesting period for the RSUs will be four years from grant. Following the AGM, the Board has however further assessed the various aspects of the RSU plan as previously presented, hereunder the terms of vesting. In this regard, the Board on 28 June 2023, assessed it as beneficial to amend the conditions of the vesting schedule under the RSU plan. The Board has therefore resolved that the current arrangement with 100% vesting at the expiry of the four-year period is replaced with an annual vesting schedule, with 1/3 vesting at the end of the 2nd, 3rd and 4th year from grant, meaning no vesting after the 1st year. It is assumed that the EGM should approve such change.
The Board has not at this point in time found reason to make any other amendments to the RSU plan or its scope but has proposed that the EGM grants a general authorization to the Board to make changes to the RSU plan, however not including changes of terms with a direct impact on the maximum dilution potentially caused by the RSU plan such as the maximum number of RSUs under the plan and that one vested RSU gives the right to acquire one share in the Company.
########
This is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 12.00 CEST on 28 June 2023.
########
For more information, please contact:
Danielle Glenn, CFO and Head of IR: ir@zwipe.com
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit https://www.zwipe.com/.
OSLO, NORWAY – 21 June 2023 – Zwipe AS today announces a streamlining to accelerate its path toward profitability in the medium term. Excluding one-off fundraising costs incurred in 2023, these initiatives are expected to reduce the group’s operating costs in 2023 by approximately NOK 14 million compared to 2022 and lower the cost base by approximately NOK 35 million on an annual basis. The initiatives will commence immediately, and planned improvements are expected to have full impact from the fourth quarter of 2023. 15 employees will leave the company as a consequence.
Following decisions taken at the end of the first quarter to freeze new hiring and reduce planned expenditures in 2023, the company has now completed an internal review aiming to optimize global operations and reduce overall costs. In this effort to ensure long-term, sustainable growth, Zwipe has identified cost-saving initiatives including reductions of staff, lessening of R&D-related activities, restructuring of offices and subsidiaries, reduced external marketing activities, and general reductions in other operating expenditures.
As previously communicated, the development of both the Zwipe Pay and Zwipe Access products has largely been completed. Zwipe Pay has been fully certified by both Visa and Mastercard, mobile enrollment solutions have been finalized, and Zwipe Pay is fully ready for commercial deployment. Similarly, Zwipe Access has now been validated for integration into the HID and Legic access control systems and the product is ready for commercial deployment. As the company’s focus naturally shifts from R&D to commercialization, less development and technical support resources are needed.
On the commercial side for Zwipe Pay, while broader market adoption of biometric payment cards has been slower than we and others in the industry anticipated, Zwipe continues to believe that the market is very close to an inflection point. Zwipe has achieved several significant milestones recently with the first bank issuers announcing commercial launches, and we anticipate this will accelerate in the second half of 2023. Zwipe Access has very strong momentum with several proofs of concept recently having been launched and substantially more in the pipeline. As a consequence of this streamlining, resources within the company will thus be allocated more towards commercialization efforts: executing more Zwipe Pay pilots and initial launches, getting more signed SCMs mass production ready, signing more distribution partners for Zwipe Access, and executing integrations of Zwipe Access with end customers.
Owing to the already completed development efforts carried out for Zwipe Pay and Zwipe Access, this streamlining plan is not expected to affect Zwipe’s ability to serve its customers and partners. The company remains committed to a best-in-class customer experience and providing value-added services and expertise across the payment card and access control value chains.
"This streamlining plan allows us to focus on our commercial objectives for both Zwipe Pay and Zwipe Access while also reducing our overhead costs, ensuring that we are organized in an efficient and agile manner, giving us more financial flexibility, and positioning the company for profitable growth. While it is very difficult to let some of our valued and highly regarded employees go, we believe this decision is necessary as we position ourselves for sustainable growth in the medium and long term" says Robert Puskaric, CEO of Zwipe AS.
###
This information is subject to the disclosure requirements in the Market Abuse Regulation (EU 596/2014) and the Norwegian Securities Trading Act section 5-12, and is information that Zwipe AS is obligated to make public pursuant to the continuing obligations of companies admitted to trading on Euronext Growth Oslo (Euronext Growth Oslo Rule Book – Part II) and on Nasdaq First North Growth Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se. The information was submitted for publication, through the agency of the contact person set out below, at 08:00 on 21 June 2023.
###
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence. To learn more, visit http://www.zwipe.com.
###
For more information, please contact:
Danielle Glenn, CFO and Head of IR
ir@zwipe.com
OSLO, NORWAY AND AMMAN, JORDAN – 20 June 2023 – Middle East Payment Services (MEPS) announces the commercial launch of biometric payment cards based on the Zwipe Pay solution, using Mastercard’s Biometric Card technology.
MEPS is a leading regional player in card issuance, payment processing and merchant acquiring services in the Middle East and North Africa (MENA) and a principal member of major international issuing and acquiring schemes.
As a result of a deep collaboration, Zwipe and MEPS have tested and successfully piloted the new cards based on the Zwipe Pay platform for biometric payment cards, and approved by Mastercard. These pilots, conducted over the last months, led to this major milestone, making it possible for several banks and issuers to launch the cards swiftly.
According to Ali Jabbar, CEO at MEPS, “MEPS is ready to provide banks and issuers in Jordan and the region with the first worldwide Mastercard Zwipe biometric card, a testament to the innovation we continuously strive to bring to our region.”
Speaking on this partnership, Cynthia El Khoury, Country Business Development Lead, Levant and Iraq at Mastercard, said, “Mastercard has long pioneered biometrics as a secure way to verify identity. We are delighted to leverage our advanced Biometric Card technology to help MEPS and Zwipe maintain the highest levels of security and privacy with the aim of protecting consumers in the region and enhancing their peace of mind.”
Ramzi Saboury, General Manager for the Middle East and Africa Region at Zwipe, said: “This milestone achieved by MEPS is a breakthrough in the biometric cards arena, paving the way for many banks to launch Zwipe Pay-based cards. We are proud and honored that the latest generation of biometric cards based on Zwipe’s solution is commercially launching in Jordan in collaboration with Mastercard, taking the lead globally with this initiative.”
###
About MEPS
Middle East Payment Services (MEPS), founded in 2009, is a Principal Issuer and Acquirer of Visa, MasterCard, and UnionPay, with presence in Jordan, Iraq, and Palestine. The company offers financial institutions, merchants, and corporations, a complete range of secure payment solutions in card issuance / hosting, payment processing, alternative payments, ecommerce acquiring, point-of-sale (POS) acquiring, ATM driving and management, and customized value-added services adhering to PCI Data Security Standards (PCI DSS). MEPS is owned by 10 Jordanian and regional banks.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments, and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
To know more, click here: www.mastercard.com
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway, with a global presence.
To learn more, visit www.zwipe.com
OSLO, NORWAY and KUWAIT CITY, KUWAIT – 23 May 2023 – Kuwait International Bank (KIB) takes the lead worldwide as the first commercial launch of biometric payment cards based on Zwipe’s platform. This innovative card will be offered to the elite VIP clients of the bank under the Visa Infinite Black product.
KIB is a public quoted bank operating since 1973 with around 20 branches across the country. The bank is amongst the fastest growing in Kuwait and always striving to make available for its clients the innovative financial solutions that best serve their needs.
As part of this collaboration, Zwipe will deliver its Zwipe Pay solution for biometric payment cards, approved by VISA. This is the result of many years of developments and pilots conducted across several geographies in the past years. The cards will be produced by Inkript, one of the partners of Zwipe in the region.
According to Deema Al Mulaifi, Assistant General Manager of Operations at KIB, “KIB prides itself as a progressive Islamic bank that continues to offer its customers a unique banking experience enhanced by additional convenience and security. We are pleased to announce that our Black Banking segment customers can now enjoy innovative technology through the new biometric card, which is designed to provide convenience and ease of access with a high level of security against fraud attempts. The ability to continue delivering on-demand, tailored and innovative products and services to our customers is a unique mark that distinguishes KIB from others.”
“The Biometric Card feature has the potential to provide our customers with a new method that adds value to their lifestyle as they can request the Visa Infinite card and activate the fingerprint to make POS transactions with great ease. In addition to this secure and simple payment solution, which is in line with the Bank’s new authentication system, the Bank’s Black Banking segment customers enjoy a range of other premium banking benefits and exclusive rewards,” added Al Mulaifi.
Speaking on this partnership, Shashank Singh, Vice President and General Manager for Kuwait and Qatar at VISA said, “Visa is committed to developing and investing in emerging capabilities such as biometrics for the benefit of consumers. That’s why we’re delighted to partner with Kuwait International Bank and Zwipe in bringing this innovative biometric card to consumers in Kuwait who can now enjoy a seamless, secure payment experience.”
Ramzi Saboury, General Manager for the MEA Region at Zwipe said, “We are proud and hounored that the latest generation of biometric cards based on Zwipe’s solution is commercially launched in Kuwait by KIB, taking the lead globally with this initiative. We appreciate the trust in Zwipe Pay that KIB has demonstrated by reaching this milestone. Visa also has been a key player and partner all the way, until the launch today. Zwipe Pay is providing best user experience from enrolment to payment, ensuring high level of security while protecting biometric data privacy.”
###
About KIB
Incorporated in 1973 and originally known as Kuwait Real Estate Bank, KIB made the transition to its current Islamic operating model in 2007. In 2018, KIB embarked on a new phase of its journey full of innovation and development. As part of its new strategic direction, the bank focuses on offering a next-level customer experience under the slogan: “Bank for Life”. Through a network of branches spread across the State of Kuwait, KIB offers a broad range of banking products and services, as well as innovative digital banking solutions in line with international best standards.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.
To learn more, visit visamiddleeast.com/blog and follow @VisaCEMEA
About Zwipe
Zwipe believes the inherent uniqueness of every person is the key to a safer future. We work with great passion across networks of international organizations, industries and cultures to make convenience safe and secure. We are pioneering next-generation biometric card and wearables technology for payment and physical & logical access control and identification solutions. We promise our customers and partners deep insight and frictionless solutions, ensuring a seamless user experience with our innovative biometric products and services. Zwipe is headquartered in Oslo, Norway with a global presence.
To learn more, visit www.zwipe.com
