17 January 2018
visit www.avoka.com

Sberbank takes 25% stake in facial recognition startup

27 November 2017  |  6435 views  |  0 VisionLabs face ID

Russia's Sberbank has acquired a 25% stake in facial recognition startup VisionLabs as part of a wider effort to build an all-encompassing biometric identification platform.

The investment is a major first step by Sberbank to build a biometrics platform involving face, voice and retina identification, as well as other human factors, says deputy chairman Lev Khasis.

“Technology based on the VisionLabs platform is a world leader, both in terms of international testing and the results of extensive internal tests and pilots carried out by Sberbank," he says.

VisionLabs currently has a ten-year partnership deal with Equifax in Russia and is used by more than 20 banks to prevent credit fraud.

The undisclosed investment was made by Digital Business Development Administration, Sberbank's fintech venture fund.

It follows a $5.5 million Series A injection in the startup by Sistema Venture Capital in July last year.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Sberbank invests $500 million in e-commerce joint venture

Sberbank invests $500 million in e-commerce joint venture

09 August 2017  |  5908 views  |  0 comments | 5 tweets | 7 linkedin
Sberbank launches machine learning-based assistant

Sberbank launches machine learning-based assistant

09 February 2017  |  10363 views  |  0 comments | 22 tweets | 11 linkedin
Sberbank experiments with conversational commerce

Sberbank experiments with conversational commerce

12 May 2016  |  9353 views  |  0 comments | 8 tweets | 9 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.thomsonreuters.infovisit www.vasco.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
Buffett rubbishes cryptocurrencies; South Korea preps exchange crackdownBuffett rubbishes cryptocurrencies; South...
11560 views comments | 15 tweets | 17 linkedin
BNP Paribas Asset Management completes fund transaction blockchain testBNP Paribas Asset Management completes fun...
10169 views comments | 14 tweets | 33 linkedin
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
9622 views comments | 32 tweets | 34 linkedin
Crypto mining threatened by power capacity concernsCrypto mining threatened by power capacity...
9484 views comments | 17 tweets | 18 linkedin
Exchanges call for global fintech standardsExchanges call for global fintech standard...
9205 views comments | 17 tweets | 13 linkedin

Featured job

Competitive base + commission (double OTE)
London, UK

Find your next job