London-based DigiDoe, which aims to revolutionise the world’s outdated payments infrastructure, has collected £850,000 from new investors.
DigiDoe closed its funding round early due to high levels of customer interest.
The FinTech company claims to be the first in the UK to offer biometrics-based payments to merchants without the presence of a card or phone.
Joint Journey served as the lead investor, with commitments also coming from several individual investors.
DigiDoe claims to be the world’s fastest and most secure payment infrastructure. Its services reduce fraud, cut fees and enables hassle-free payments to eliminate the need for plastic cards or mobile phones to complete transactions.
The company claims current credit card providers generate around 60,000 transactions per second, while DigiDoe can generate 200,000 per second.
It is currently trialling its patented multi-factor biometrics-based 7D user authentication technology that leverages technological and biometrics advances including secure channel “signatures.”
DigiDoe co-founder and executive director Alexandra Vidyuk said, “It’s immensely encouraging to have customers knocking at the door so early in DigiDoe’s journey, as we revolutionise the creaky payments infrastructure that businesses have to deal with every day.
“While cash has gone out the door and card and phone payment capabilities have soared in recent months, behind the scenes the global payments system is still stuck in the dark ages. DigiDoe is changing all that and more. With our secure, fraud-free solution all you’ll need to pay for dinner in future is your smile.”
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