FinLab AG invests in technology firm AUTHADA GmbH
AUTHADA revolutionizes the identification process, verifying a customer's identity via the electronic identity (eID) in a government-issued ID card and a smartphone's NFC interface ( all in a matter of seconds using officially verified master data.
Frankfurt/Darmstadt, April 27, 2016. The Darmstadt-based technology company AUTHADA GmbH is receiving a seven-figure growth financing package from the listed company FinLab AG (WKN 121806, ISIN DE0001218063, ticker A7A.GR) to accelerate product development and sales. AUTHADA reads the electronic identity (eID) of an ID card via a smartphone's NFC interface. This enables a customer's identity to be verified in just a few seconds based on officially verified master data.
AUTHADA, a spin-off company of the Darmstadt University of Applied Science, is putting an end to the conventional, cumbersome approaches to identity verification using PostIdent and video legitimation. By reading the electronic identity (eID) of an ID card via a smartphone's NFC interface, it is possible to provide mobile and safe identification of existing and target customers in real time.
Beginning in 2009 at Darmstadt University of Applied Science, Andreas Plies, Robin Acker and Prof. Michael Massoth jointly developed a technology for secure authentication, which was then patented. In early 2015, the project was spun off as AUTHADA GmbH. AUTHADA has already won several prizes, including the IKT Innovation award and the EXIST research program of the German Ministry of Economic Affairs and Energy.
FinLab director Stefan Schütze said: "We're delighted to introduce the next level of user authentication with AUTHADA. What's new and special about this solution is its new procedure that already meets all legal and regulatory requirements of the second European Payment Services Directive (PSD2), which have to be implemented across Europe. This puts us a major step ahead in the market."
"We jumped at the chance to select FinLab because they are able to support us effectively in both financial and operational terms," emphasizes AUTHADA CEO and company founder Andreas Plies. "With a strong partner with good connections to the financial sector, we're now in a good position to rapidly penetrate the market."
Jörg Jessen, co-CEO, adds: "With the capital obtained we are building teams for the banking and insurance sector in order to be sufficiently diversified for the e-commerce as well as the e-health and e-government sectors. To this end, it is crucial that counterfeit identities be excluded, since they are unfortunately commonplace in existing authentication processes using PostIdent and video identification."
About FinLab AG:
Stock market listed company FinLab AG (WKN 121806 / ISIN DE0001218063 / ticker symbol: A7A) is one of the first and largest company builders and investors focused on the Financial Services Technologies ("FinTech") sector. FinLab focuses on developing German FinTech start-ups and providing venture capital for their financial needs, whereas in each case the aim is a long-term participation and ongoing support of the investment. FinLab also invests globally, as part of venture rounds, in FinTech companies, primarily in the USA and Asia.
Phone: +49 69 719 12 80 0
About AUTHADA GmbH:
AUTHADA reads the electronic identity (eID) of an ID card via a smartphone's NFC interface. This enables a customer's identity to be verified in just a few seconds based on officially tested master data. Mobile authentication of customers is the decisive factor in rejuvenating and broadening the customer base. Continuous digital use of all services and products in e-commerce, mobile banking and insurance meets the expectations of all customer groups and digital natives. A significant reduction in abandonment rates in mobile and digital customer acquisition is achieved by eliminating the need to change to a different media format, such as paper or video.
Phone: +49 6151-167905
Tel: +49 69 719 12 80 0
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