OVE Touch & Go raises equity capital to commercialize biometric payments

OVE Touch & Go approached crowdfunding platform StartEngine to bring its biometric retail payment technology and fingerprint-enabled point-of-sale (POS) terminals to market.

The company is currently in the process of raising funds, with plans to raise $3 million to buy 15 percent of the company’s common stock, OVE CEO Caio Buchalla said. Biometric update in an email. StartEngine would be the primary source of funds, but with a $1.23 million goal on the platform, significant funding would need to come from other sources. OVE has already raised more than $500,000, according to the StartEngine website.

OVE unveiled a prototype of its biometric fingerprint scanner just a few months ago and shared a video on LinkedIn showing how to link fingerprints to payment cards and accounts and conduct biometric payments. Payment methods are associated with specific fingers through an app on the user’s phone, which connects to a POS device for a typical biometric fingerprint enrollment process. Once enrollment is complete, payments are made by scanning the fingerprint on the same device.

The company’s presentation at StartEngine estimates that the POS platform and mobile POS payment market is worth a combined $172 billion. The presentation notes that its app and scanner are protected by two patents, and the company is working with Fingerprint Cards to co-develop sensors.

According to Buchall, simply being listed on StartEngine is a significant step for OVE.

“StartEngine’s rigorous process ensures that only the most promising startups can raise funds on its platform,” Buchalla says. “This includes verified technology, granted patents and trademarks, accurate financial records, background checks on all team members, and, of course, innovation.”

“We are proud to be the first biometrics startup offering fingerprint recognition service to join the platform.”

OVE says the valuation is $20 million, and investors can purchase shares in OVE Touch & Go for $3 per share, with a minimum investment of $249.

Article Topics

biometric payments | biometrics | crowdfunding | fingerprint biometrics | fingerprint readers | financing | OVE Touch & Go | point of sale | retail biometrics