back Back

TECH5 secures $8 million investment from Yinda Infocomm

By Megha Bhattacharya

May 17, 2021

  • America
  • Tech5
Share

TECH5 announced that it has secured $8.0 million of investment from Yinda Infocomm. Yinda Infocomm Limited intends to exercise its rights to convert into shares the US$2.5 million term loan amount extended to TECH5, bringing its total investment to US$10.5 million to secure minority equity in TECH5.

Mr. Machiel van der Harst, Co-Founder and CEO of TECH5, said, “We are delighted to announce the expansion of our partnership with Yinda. This investment and partnership will help us boost our global reach, increase TECH5 brand awareness, as well as further enforce our research and development to fuel our innovation and ensure that our partners and customers get access to true leading-edge identity management solutions.”

According to TECH5, it will use proceeds from the investment to expand its market presence in the Asia Pacific region as well as other strategic geographies such as Africa and Latin America. The focus will also be to further develop its flagship matching platforms and digital ID solutions, based on TECH5 biometric technologies for face, fingerprint and iris recognition.

“With a strong background and experience in developing Identity Management solutions for Foundational ID’s and derived Functional ID’s, TECH5’s strategic focus is on the realization of Mobile ID issuance platforms for secure and private digital credentials that can be bound to the holder through online and offline biometric verification. This disruptive offering has received significant market interest and is poised to become TECH5’s next flagship product” – commented Mr. van der Harst.

Mr. Pierre Prunier, Executive Director and Chief Executive Officer of Yinda Infocomm, said, “Our vision is to become a leading expert in Identity Management, especially in the space of Digital Onboarding and Digital ID. We will keep building and offering platforms to our customers in the public and private sector. This will be achieved by way of building the relevant technology stack in-house or via smaller acquisitions in the future. Thus, the further strengthening of our partnership with TECH5 is a right move as it gives us immediate access to continued research and development in the latest identity management biometric technologies and allows us to expand our footprint globally.”

Previous Article

May 14, 2021

Central Bank of Bahrain announces digital currency pilot with JP Morgan

Read More
Next Article

May 17, 2021

Stripe acquires Bouncer to supercharge businesses with fraud prevention

Read More









IBSi Daily News Analysis

Cybersecurity, Saudi Arabia

December 04, 2023

America

Saudi Arabian firms are likely to outsource cybersecurity by next year, study shows

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

3 Pocket Money apps financially empowering children in Europe

Read More

Today

Carlyle taps Broadridge Sentry to manage deal pipeline & loan operations

Read More

Today

Trulioo partners with Public for its UK launch

Read More

Related Reports

Sales League Table Report 2023

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q2 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q3 2023

£1,500.00 / year

Know More
Next-Gen Debt Collection Systems Growing Importance of Collections Q4 2023

£500.00 / year

Know More
Treasury & Capital Markets Systems Report Q3 2023

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023