A UK start-up has closed a €1.7m (£1.5m) funding round for its image-based password tech.
London-based PixelPin replaces passwords and PINs with a selection of pictures on which users tap.
Instead of entering a password on a keyboard, the users instead selects a picture and taps four specific points on the picture.
The platform claims it has reduced login times to just 10 seconds, with only a one minute-long registration and a 93 per cent success rate, compared to traditional passwords which have a 30 per cent success rate.
“This latest round of investment is a fantastic step forward for PixelPin and illustrates the level of confidence the global investor community has PixelPin and the UK fintech industry,” said Geoff Anderson, CEO and co-founder of PixelPin.
The start-up will use the funds to target new customers and establish new offices in Tokyo to act as a base for the company’s expansion into Japan and the wider Asian market.
The company has now secured a total of €4 million funding to date, allowing for expansion through partnerships across Asia, Europe and the US.
“We’ve been extremely diligent in our search for the right investor partners and are delighted that SBI Group has chosen to work with us as we look to expand our reach into Japan and the wider Asian market where we’re sure the group’s knowledge and experience will be a huge asset.”
Yoshitaka Kitao, Representative Director, President & CEO of SBI Holdings which led the round, added: “For everyone who has been locked out of their online banking for guessing their logins one too many times it’s clear that the passwords and PINs we’re forced to use aren’t fit for purpose.”
““PixelPin’s solution creates a highly personalised and easy-to-use login experience that will be particularly popular with a tech-first younger generation but does this without compromising security – in fact, making it much more secure than passwords.
“In addition we see real potential for businesses to create value added services on this platform, turning security into a revenue generator.”