LoginID, a FIDO-certified authentication provider, announced a $6M round of seed funding to accelerate the adoption of a passwordless world. Strategic investors in LoginID Include veteran payment and fintech entrepreneurs around the world. LoginID’s unique approach adds secure, FIDO-certified biometrics to any website, application or e-commerce, or banking brand.
LoginID provides a wide range of APIs and SDKs which give enterprises the ability to integrate FIDO-certified authentication in as little as 15 minutes. This level of authentication is usually complicated, time consuming to integrate and costly. Now brands can add a whole new layer of security and reduce fraud using biometrics.
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The funding comes on the heels of LoginID becoming FIDO UAF 1.1 server certified, in addition to iOS and Android certified. With LoginID, companies can integrate and scale strong authentication at low costs, while ensuring 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.”
The funding round was led by repeat fintech entrepreneurs Fabrice Grinda from 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 investors in Mobeewave. The round also included investment from Asli RI, the largest KYC provider in Indonesia, and Leonis Investment.
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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.”
In addition to the investment round, LoginID will add Damien Balsan to its Advisory Board, in addition to Phil Kumnick, CEO of Ipsidy, Hitesh Anand ex Verifone, Citi, and former Chief Product Officer at Verifi a Visa company, and noted cryptographer Professor Alfred Menezes from the University of Waterloo.