Handwave, a Latvian fintech startup specializing in palm-recognition technology for payments, has raised $4.2 million in a seed round to create a secure and efficient payment solution, supported by investors including Outlast.

Target Information

Handwave is a Latvian fintech startup pioneering palm-recognition technology geared towards payments and identity verification. Offering a revolutionary approach that eliminates the need for cards, apps, or PIN codes, Handwave focuses solely on biometric identification through a simple wave of the hand. While large global corporations have explored biometric payment solutions, Handwave exemplifies the capability of Baltic innovators to develop competitive technologies for the global market.

Industry Overview

The payment industry in Europe is currently navigating multiple challenges, primarily the need to lower costs while enhancing customer experiences. Retailers are increasingly pressured to streamline payment processes, as they serve as a critical junction where these objectives converge. Handwave addresses these challenges by providing an innovative solution that not only expedites transactions but also reduces fees associated with traditional payment methods.

Simultaneously, there is a growing demand for secure payment methods in response to rising concerns about fraud and data breaches. Biometric technologies, such as those developed by Handwave, o