Fintech, Finance, Technology, Banking Highlights – 8 June 2018
Precise Biometrics collaborates with NXP on biometric smart cards
Precise Biometrics, a developer in fingerprint software and NXP Semiconductors collaborate to integrate Precise BioMatch Card in NXP’s contactless biometric smart cards. The cooperation is expected to generate revenues to Precise Biometrics starting Q2 2018.
Precise Biometrics fingerprint authentication software for smart cards is integrated in NXP’s contactless fingerprint-on-card solution, which gives payment network operators and banks a secure, convenient and fast payment option to consumers. The authentication of the cardholder is done by placing his/her finger on the smart card, making it easier and faster to make payments, benefitting both retailers and consumers. The collaboration is expected to generate license and support revenues to Precise Biometrics starting Q2 2018, and future royalty revenues.
“We are pleased to collaborate with NXP on biometric smart cards, which strengthens our position as a leader in fingerprint software for smart cards. We see contactless payments growing rapidly, and our combined solution significantly improves convenience for consumers while increasing the security of payments,” said Torgny Hellström, Chairman of the Board of Directors at Precise Biometrics.
“With the integration of Precise Biometrics´ fingerprint authentication software in our fingerprint on card solution, and with the storage and matching of the fingerprint templates in the Secure element, NXP will deliver the most secure and best user experience solution for contactless biometric card,” said Sebastien Clamagirand, General Manager of Secure Payment and Identification at NXP Semiconductors.
InsurTech startup Laka raises £1.1 million seed round
Browne Jacobson’s corporate team has advised on another InsurTech venture capital deal – assisting crowd insurance pioneer Laka on its £1.1m (US $1.5m) seed round. The round was led by Tune Protect Group Berhad (Tune Protect), a financial holding company listed on the Malaysian Stock Exchange. Silicon Valley-based venture capital firm 500 Startups also participated, alongside new and existing angel investors from across the insurance industry.
Founded in 2017, Laka has developed a unique insurance model in which customers only pay for the true cost of cover. At the end of each month, the cost of claims is split fairly between customers, with the individual’s maximum premium capped at market rate for customer protection. Unlike traditional insurance companies, Laka only makes money when settling claims; a fairer business model that passes on savings to the customers. Fewer claims lead to lower costs. So far, Laka’s users have saved more than 80% compared to market prices. Laka currently focuses on insuring high-end bicycles in the UK, and following this investment is preparing to launch further lifestyle products in the next year.
Co-founder of Laka, Tobias Taupitz, commented:
“I am very grateful for all the support we have received from Browne Jacobson in closing this deal, which is strategically important to us as we continue to scale and enter new markets. Jon and his team provided expert advice and were always available at short notice to guide us through the deal process.”
Accord Project to support R3’s Corda
The Accord Project, the legal industry body for smart legal contracts, and enterprise software provider R3 announced a technology partnership to develop support for Corda, R3’s blockchain platform, in the open source legal layer incubated by the Accord Project.
Corda is the latest blockchain technology to be supported by the Accord Project open source middleware layer, which also supports Hyperledger Fabric and Ethereum. The Project was established by legaltech startup Clause last year, and counts numerous world leading law firms, standards bodies, and technology organizations amongst its collaborators.
The Project aims to establish techno-standards for smart legal contracts and develop a blockchain-agnostic middleware layer that is interoperable with any distributed ledger or blockchain. This will allow smart legal contracts to not only operate ‘off-chain’, but also across any technology platform.
