Riga-based Handwave, a Latvian startup, secured €3.6 million in Seed funding led by Practica Capital. FirstPick, Outlast Fund, and Inovo.vc also participated in the round.
Handwave develops a palm-based payment and identity platform. Founded in 2021, the company transforms a user's palm into a secure, contactless method for payments, age verification, and loyalty activation. This innovative biometric technology replaces cards, phones, and facial recognition. Consequently, it streamlines transactions.
Handwave's Biometric Payment Expansion
The Handwave funding will support the platform's launch in Europe and the US. Additionally, funds will advance product development and regulatory certifications. The company also plans live retail pilots.
Handwave's proprietary technology captures both surface lines and subdermal vein structures. This process creates a unique, encrypted ID for each user. Unlike Amazon One, Handwave's system does not track user movements. Furthermore, it offers a secure alternative to other contactless payment methods.
The platform serves private individuals, merchants, and financial institutions. It simplifies checkout processes for customers. For retailers, it reduces friction and integrates loyalty programs. Handwave has raised €4.3 million in total funding to date, including an earlier angel investment.