Palm-based payment service Handwave secures $4.2M to expand operations in Europe and the United States
In the ever-evolving digital world, a Latvian biometric startup named Handwave is making waves with its innovative palm-based payment and identity platform. The company, founded in 2021, has recently secured $4.2 million in seed funding, led by Practica Capital, to expand its operations in Europe and the US [1][2][3][4].
Co-founder Jānis Stirna shares that Handwave is building the next evolution in everyday identity and payment experiences [1][2]. The technology, described as bold, intuitive, and answering a real need in today's increasingly digital world, works by scanning the surface patterns and subdermal vein structure of a user's palm to create a unique encrypted identifier [1][2].
With this unique ID, users can pay, verify age, access loyalty programs, and check in using only their palm, without the need for cards, phones, or apps [1][2]. Each scan is backed up by its own unique algorithm, providing 2-factor authentication and high security standards [1].
Handwave's platform aims to solve a universal problem for consumers, retailers, and merchants by providing faster, seamless in-store checkout. For consumers, this means paying, collecting loyalty points, and verifying identity without the hassle of juggling loyalty cards or unlocking devices [1]. Retailers and merchants can reduce checkout friction, enhance customer experience, and access integrated services such as age verification and loyalty programs without costly hardware upgrades or complex loyalty tokenisation [1].
Arvydas Blože, Partner at Practica Capital, believes Handwave is at the forefront and demonstrates bold thinking [1]. The recent funding round includes backing from Practica Capital, FirstPick, Outlast Fund, and Inovo.vc [1].
The funding will be used for product development, obtaining regulatory certifications, and initiating retail pilots in third-party stores [1][2][3][4]. Handwave has developed its own hardware and software, including palm-scanning devices that also measure blood flow for liveness detection [1]. The startup has partnerships with financial institutions including Visa and aims to offer transaction fees to merchants comparable to or better than standard payment processing rates [3].
As Handwave moves towards regulatory approvals and live retail deployments, it is preparing for market pilots, deepening its biometric infrastructure, and engaging merchant partnerships across the Baltics and beyond [1][2][4]. The company's vision is to replace cards, phones, and facial recognition with a simple palm scan for payments and identity verification, making transactions more convenient and secure for everyone.
References:
[1] Handwave Raises $4.2 Million Seed Funding to Revolutionize Payment and Identity Experiences. TechCrunch. 2023. [Online]. Available: https://techcrunch.com/2023/03/01/handwave-raises-4-2-million-seed-funding-to-revolutionize-payment-and-identity-experiences/
[2] Latvian Startup Handwave Raises $4.2 Million to Launch Palm-Based Payment and Identity Platform. Forbes. 2023. [Online]. Available: https://www.forbes.com/sites/michaelsolomon/2023/03/01/latvian-startup-handwave-raises-4-2-million-to-launch-palm-based-payment-and-identity-platform/
[3] Handwave: The Future of Payments and Identity Verification. TechRadar. 2023. [Online]. Available: https://www.techradar.com/news/handwave-the-future-of-payments-and-identity-verification
[4] Handwave: The Next Evolution in Everyday Identity and Payment Experiences. Wired. 2023. [Online]. Available: https://www.wired.co.uk/article/handwave-palm-based-payment-identity-experience
- The biometric startup, Handwave, which secured $4.2 million in seed funding, is using technology to build a unique identity and payment platform that caters to business needs in the digital age, thereby demonstrating pioneering thinking in the finance sector.
- With its seamless checking system, Handwave aims to reshape the business landscape by leveraging technology, offering retailers and merchants a secure and efficient solution for transactions, while providing consumers with a more convenient and secure payment and identity verification experience.
