SecurityWorldMarket

08/01/2019

Zwipe prepares to trade on stock exchange

Oslo, Norway

Biometric technology company Zwipe is planning to raise up to NOK 120 million (USD 13.7million) and intends to apply for admission to trading on the Oslo Børs’ multilateral trading facility (MTF) Merkur Market.

Over the last couple of years, Zwipe has entered into a series of strategic partnerships with key payment industry stakeholders, accentuating Zwipe’s leading position as a biometric technology provider. Strategic partners include Gemalto, the world’s largest payment card manufacturer, and Chinese card manufacturer, Silone Cardtech

Multiple biometric payment card pilots utilizing Zwipe’s technology are currently progressing across Europe and the Middle East. These are being supported by leading industry stakeholders Visa, Mastercard and Gemalto, and comprise several large international banks, including Banca Intesa Sanpaolo, one of the 50 largest banks in the world

In a recent report by research company Edgar Dunn and Company, the total addressable market for biometric dual interface payment cards in circulation was estimated to reach a potential of approximately 20 million cards in 2019 and 150 million cards in 2021, growing to 870 million cards in 2023 and 6.8 billion cards in 2027

Zwipe aims for commercialisation of Zwipe-enabled biometric payment cards in H2 2019 followed by continued scale-up in 2020 and beyond.

Commenting on the capital raising and Merkur Market process, André Løvestam, CEO of Zwipe, said:

“These are truly exciting times. Biometric payment cards enabled with Zwipe technology offer consumers the convenience of contactless and the security and peace of mind of biometrics.

With a mission of Making Convenience Secure, Zwipe is the first mover and technology leader in our field. We are partnering with global leaders and are well protected with a strong IP portfolio.

We are preparing for a commercial breakthrough for our biometric payment card solution in the second half of 2019 and accelerating growth in 2020 and beyond, both within biometric payment cards, wearables and other form factors and verticals. With a strengthened balance sheet and shareholder base, we will be well positioned to capture the opportunities ahead.

Zwipe expects delivery and the first day of trading to be on or about 28 January 2019, not prior to the share capital being registered in the Norwegian Register of Business Enterprises and announced by the company.


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