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.