Latvian biometric startup Handwave raises $4.2 million in seed funding to develop its palm-based payment and identity platform, aiming to enhance retail experiences in Europe and the US.

Information on the Target

Handwave, a biometric startup based in Latvia, has successfully secured $4.2 million in a seed funding round to advance the launch of its innovative palm-based payment and identity platform across Europe and the United States. This funding round was primarily led by Practica Capital, with additional support from regional investors such as FirstPick, Outlast Fund, and Inovo.vc. The capital raised will be utilized to further product development, achieve necessary regulatory certifications, and conduct live retail pilots.

Handwave's unique technology allows users to self-register and scan their palms using a smartphone camera, enabling them to link payment, loyalty cards, and identity credentials into a digital wallet. Upon enrollment, customers can simply present their palm over a reader to make payments, activate loyalty benefits, or verify their ages, all without needing to pull out apps, phones, or wallets during checkout. This streamlined process aims to alleviate the inconveniences frequently encountered during physical transactions.

Industry Overview in Latvia

Latvia’s startup ecosystem has seen significant growth over recent years, particularly in the technology and fintech sectors. The country is becoming recognized for its aggressive push towards digital transformation and innovative soluti