AuthID launches on Nasdaq, signs deal on credit union biometrics: shares rise

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AuthID.ai’s Nasdaq listing was completed at an offer price of $ 7.00 per share, slightly higher than previously reported, earning the company around $ 10 million to invest in the development of its platform. -software and biometric form, according to a statement from the company. .

The company also announced a winning client, with CU NextGen singing to provide authID biometric authentication to its credit union clients to enable them to verify the identity of their members both in person and through channels. digital with a cohesive experience. In addition to authID Verified for cloud-based multi-factor authentication, CU NextGen will also use Proof for new customer onboarding and AuthentifID for strong customer authentication without password based on FIDO2.

“AuthID is committed to helping financial services companies fight identity fraud by knowing with biometric certainty who is transacting on their platform,” comments Tom Thimot, CEO of authID.ai. “AuthID solutions enable CU NextGen to deliver on its promise of delivering the highest levels of identity assurance and providing frictionless experiences that now allow credit union members to verify identity in branch or in line with similar practices in both cases. “

CU NextGen supports more than 40 credit unions across the United States, according to the announcement.

“We empower our customers to take ownership of their member and employee experiences, and one of the ways we’ve done that is by creating custom interfaces for onboarding new customers. Of course, the need for strong identity verification and secure authentication is critical to this process, ”says Kent Zimmer, CEO of CU NextGen. “By adding authID’s biometric identity services to our platform, we can help our members reduce risk, deliver increased identity trust, and provide the seamless convenience of a wordless login.” password for members of credit unions.

The subscribed public offering consists of 1,428,571 common shares, with the underwriters having granted up to 214,285 additional shares on a 45-day option. ThinkEquity acted as the sole accounting manager. The company lowered both the number of shares offered and the price in anticipation of listing, to 1.5 million shares at $ 6.81 from 2.1 million shares at $ 9.63 .

The funds raised will also be used to expand authID’s business development and marketing capabilities, provide working capital and be used for general corporate purposes.

In Friday trading, authID shares climbed to $ 9.63.

Articles topics

authentication | authID | biometrics | digital identity | financial services | identity verification | integration | actions


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