PixelPin has announced that it has closed a £1.5m ($1.9m) Pre-Series A funding round.
The UK fintech uses image-based authentication to replace passwords with pictures. As passwords become more susceptible to fraud, consumers are switching to more robust solutions such as biometrics.
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The PixelPin funding round was led by SBI Investment. The subsidiary of SBI Holdings invested £1m from the SBI AI & Blockchain Fund.
In addition, another investment of £500,000 came from existing Angel investors, bringing it to £1.5m in total.
The PixelPin funding round money will target new customers in the finance and also retail sectors. Furthermore, it will continue to support its product development.
The funding will go towards establishing new offices in Tokyo. The offices will act as a base for the company’s expansion into Japan and the wider Asian market. Currently, PixelPin has offices in London and Cheltenham.
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By GlobalDataA picture is worth a thousand words
Biometric security is becoming far more popular around the world. The need for more secure solutions when logging in online or into a bank account is critical.
Online hackers continually use sophisticated tactics to access bank data and personal information. With biometric solutions such as facial recognition, banks and financial organisations can ensure a valid identity more efficiently.
PixelPin’s cloud-based platform, hosted on Microsoft Azure, replaces passwords and PINs with a picture. It’s a highly secure and user-friendly way of logging into online accounts for banking, shopping and more.
Instead of remembering a password or PIN users can select a picture and four specific points on that picture that must be selected in sequence to log in to their online accounts.
On average, it takes a user just ten seconds to log in and one minute to register. In addition, according to PixelPin, login success rate (92%) is three times higher than for passwords (30%).
CEO and co-founder of PixelPin, Geoff Anderson, stated: “This latest round of investment is a fantastic step forward for PixelPin and illustrates the level of confidence the global investor community has PixelPin and the UK fintech industry.
“We’ve been extremely diligent in our search for the right investor partners and are delighted that SBI Group has chosen to work with us as we look to expand our reach into Japan and the wider Asian market where we’re sure the group’s knowledge and experience will be a huge asset.”
