LoginID has revealed they had raised $6 million in seed funding to increase the adoption of a password-free world.
FREMONT, CA: LoginID, a FIDO-certified authentication provider, has announced a $6 million round of seed funding to increase the adoption of a password-free world. Veteran payment and fintech entrepreneurs from around the world are among the strategic investors in LoginID. LoginID's innovative approach integrates secure, FIDO-certified biometrics into every website, application or e-commerce platform, and even banking brand.
LoginID offers various APIs and SDKs that allow businesses to implement FIDO-certified authentication in as little as 15 minutes. This extent of authentication usually is challenging to implement, time-consuming, and expensive. Companies with the help of biometrics can introduce a new layer of security and reduce fraud.
The funding comes during LoginID's becoming FIDO UAF 1.1 server certified, along with iOS and Android certifications. Companies may use LoginID to easily incorporate and scale strong authentication at a low cost while staying in compliance with PSD2 and GDPR regulations.
"With the fastest implementation time in the market, LoginID's commitment to accelerate adoption of passwordless authentication helps brands earn more revenue and delight customers with secure biometrics," said Simon Law, CEO and Co-founder. "With our investment partners, we share a vision for applications, websites and e-commerce to scale biometric use as effortlessly as it is also secure and compliant."
Fabrice Grinda of FJ Labs (Zingy), Will Wang Graylin (Roam sold to Ingenico and LoopPay sold to Samsung, OVLoop, Indigo), George Wallner (founder of Hypercom and LoopPay), Damien Balsan (LoopPay and Mobeewave), and former Mobeewave investors led the funding round. Asli RI, Indonesia's largest KYC provider, and Leonis Investment also contributed to the round.
Fabrice Grinda noted, "FJ Labs invests in powerful, big ideas that scale. I was struck by the simplicity of LoginIDs integration capability, for what can typically be a complex, laborious process. The market potential for deploying a fully certified FIDO API in the financial industry and its potential to disrupt current non-compliant authentication is significant."