Palm-based payment service, Handwave, secures $4.2M funding for expansion into Europe and the United States markets
Handwave, a Latvian biometric startup, is revolutionising the way we pay and verify our identities in physical stores. The company, which has recently secured $4.2 million in Seed funding, aims to eliminate the need for wallets, apps, scanning loyalty cards, or facial scans, replacing them with a simple palm scan.
The innovative technology, designed for retail environments, works by scanning a user's palm vein patterns and verifying their physical presence as the hand hovers over the scanner. This biometric method offers enhanced security and privacy, as palm vein patterns are unique and less susceptible to spoofing than facial images or card numbers.
Handwave's platform serves acquirers, financial institutions, and payment operators, including both consumer-facing and B2B partners, through strategic integrations. It provides a faster, hands-free checkout experience without the need to carry cards or devices. Moreover, it supports broader identity functions beyond payment, such as age verification and loyalty programs, integrated within one platform.
Arvydas Blože, Partner at Practica Capital, believes Handwave's technology is bold, intuitive, and answers a real need in today's increasingly digital world. Jānis Stirna, co-founder of Handwave, states that they are building the next evolution in everyday identity and payment experiences.
Unlike facial recognition, which can be affected by lighting or mask-wearing, Handwave's technology is designed to be more secure and harder to spoof. It uses two types of imaging to create a unique, encrypted ID that never leaves the user's control.
Handwave's system allows users to pay, prove their age, activate loyalty programs, and check in using a palm scan, without the need for cards, phones, apps, or facial scans. Consumers can enroll in Handwave by scanning their palm using their phone camera and linking payment and loyalty cards, as well as identity credentials, to a secure digital wallet.
Retailers and merchants can reduce checkout friction, enhance customer experience, and access integrated services like age verification and loyalty programs without costly hardware upgrades or complex loyalty tokenization. Handwave aims to launch its palm-based payment and identity platform in Europe and the US.
The startup has raised a total of $5 million in funding, including an earlier $780,000 angel investment, and is currently preparing for market pilots, deepening its biometric infrastructure, and engaging merchant partnerships across the Baltics and beyond. With its secure, contactless, and multi-functional platform, Handwave is poised to disrupt traditional methods and improve customer and merchant experiences.
[1] Handwave Press Release, [Title], [Date] [2] Practica Capital Press Release, [Title], [Date] [3] FirstPick Press Release, [Title], [Date] [4] Outlast Fund Press Release, [Title], [Date] [5] Inovo.vc Press Release, [Title], [Date]
The technology developed by Handwave, a Latvian biometric startup, is designed to revolutionize identity verification and payment methods in physical stores, replacing the need for traditional wallets, apps, and facial scans. This innovative technology, used in retail environments, scans a user's palm vein patterns for enhanced security and privacy, as palm vein patterns are unique and less susceptible to spoofing than facial images or card numbers. [1] [2] [3] [4] [5]
