Handwave has secured USD 4.2 million to scale its software for customers and partners across the regions of Europe and the US.
Following this announcement, the fresh capital is expected to accelerate product development, obtain regulatory approvals, and conduct live retail pilots, as well as optmise biometric technology and grow merchant and partner integrations in the regions of Europe and the US.
In addition, the investment was led by Practica Capital, a Lithuanian early-stage venture capital firm that supports Baltic founders. The round also saw participation from Vilnius-based VC firm FIRSTPICK, Outlast Fund, and Inovo.
More information on Handwave’s USD 4.2 million funding round
Handwave represents a company that focuses on developing a palm-based biometric identity and payments platform, allowing users to pay, verify age, and activate loyalty rewards with a single hand gesture, without needing phones, wallets, or cards. Its system works by scanning both the surface geometry and subdermal vein patterns of a customer’s palm in order to develop a unique, encrypted ID.
Users have the possibility to enroll by scanning their hand via smartphone and linking their payment methods and credentials to a secure digital wallet. At the moment of checkout, they simply are required to hold their hand over a reader to complete a transaction. Furthermore, Handwave’s technology includes built-in liveness detection and two-factor biometric authentication, aiming to offer an optimised level of security, while also integrating with existing POS and ECR systems, allowing merchants and businesses to adopt it with minimal hardware upgrades. In addition to payments, it also supports real-time age verification and loyalty integration, aiming to provide companies with the possibility to reduce checkout friction, combat fraud, and streamline operations.
