Norwegian biometric payments firm Zwipe has secured $14m investment through an offering of new shares to institutional and professional investors and the general public in Norway and Sweden.
The over-subscribed share-offering involved an issuance of six million new shares at a fixed price of NOK 20 ($2.33) per share. The offering includes two tranches.
Zwipe $14m investment
The first tranche involved Zwipe’s board of directors, large shareholders comprising chairman Jörgen Lantto and principal owner Lars Windfeldt, along with new investors, subscribing for around 4.5 million shares representing $10.5m.
The retail tranche involved an offering of around 1.5 million shares worth $3.4m to existing company shareholders and the general public.
The move comes ahead of the payments firm’s debut on Merkur Market, Oslo Børs.
Zwipe CEO André Løvestam said: “Zwipe is at the forefront of a global shift towards more secure and convenient contactless payments and the market is primed for growth. We are confident that our industry leading technology and partnerships will secure a strong market position both in the short and long-term.
“Thanks to the new funding received, we can intensify our efforts to support our customers and partners in Making Convenience Secure.”
Apart from its base in Norway, Zwipe has a wholly-owned subsidiary in Colorado.
Established in 2009, the business employs 32 people including 12 in Europe and 20 in the US.