FIDO-certified authentication provider LoginID has raked in additional funding from payments giant Visa.
The amount of money provided by Visa was not revealed.
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Visa senior vice president of Global Data, Security and Identity Products Melissa McSherry said: “Biometric technologies offer greater convenience and stronger security, and are the gold standard for online authentication.
“Visa’s investment and continued partnership with LoginID will help deliver innovative solutions that will improve convenience and payment security.”
The latest Visa backing comes shortly after LoginID’s $6m seed funding round.
The fundraising had the participation of veteran payment and fintech entrepreneurs across the globe.
Visa said that strong authentication solutions from firms such as LoginID fosters its aim to improve integrity around payments, in terms of addressing fraud and helping merchants adhere to regulatory and compliance requirements.
LoginID offers a broad range of APIs and SDKs, helping companies integrate FIDO-certified biometric authentication to a website, application or e-commerce, or banking brand within 15 minutes. This level of authentication is usually costly, complex, and takes a lot of time.
Commenting on the development, LoginID CEO Simon Law said: “Together, we are helping companies integrate and scale strong authentication at low cost, while ensuring compliance with PSD2 and GDPR regulations.”
Visa made several investments last year, including in analytics company GoodData.
The investment from Visa is expected to boost GoodData’s position as an all-in-one data platform.
In 2020, Visa also invested in fintech platform Nium as well as fintech start-up Neat.
