We caught up with Nick Dryden, CEO of Fingopay to find out more about the company and their crowdfunding campaign.
With all of your amazing support, we’ve now hit the overfunding mark. We originally introduced VeinID as a cashless payment system at music festivals. Its runaway success caught the attention of the financial services industry. From there, we have built strong and exclusive relations with many key strategic partners, which cover intellectual property, industrialised technology, routes to market and the support and maintenance functions which reduce exposure to risk and cost.
Could you tell us what Fingopay means to you?
Our lives are moving online and into the cloud. Until recently we were content with electronic keys, usernames, and passwords. But as hacking techniques have become more sophisticated, security breaches are now a daily threat, and criminals are able to obtain our most personal data.
The way we live today has created the need to identify ourselves in faster, more secure ways. Biometrics are the answer. They can free us from the pain of passwords, and are the only realistic way to conduct a trusted transaction, without the need to carry around multiple devices.
Think about it; we use multiple devices to prove who we are: cards, passports, student ID, mobiles. All of these can be lost, stolen or forged. Traditional forms of identification leave us vulnerable, biometric authentication is here to stay.
We selected VeinID in our Fingopay reader for its accuracy and performance in a retail setting, and because it meant no other device is necessary. All you need is your finger.
After meeting with many leaders of the global banking and payment industries (based in London and abroad), I am certain Fingopay’s capability is critical for authentication and identification.
The potential market for biometrics is significant and growing. Both governments and businesses look for authentication technologies that not only provide reliable security but are also difficult to fake.
Here’s a short video of how Fingopay works.
What were you doing before you founded Fingopay and what inspired you to start up on your own?
My journey to identity and Fingopay started in 2003, when I built an alternative-lifestyle social network called Xtaster focused on the musical sub-genres around the punk, rock, indie and urban scenes across US, UK, and Europe. Xtaster platform enabled members to engage with marketing campaigns and actually get involved. Xtaster produced multiple campaigns each month to launch new music, bands, games, and movies together with sports and lifestyle brands.
With over a million active UK members and many more across Europe, Xtaster was trusted by music fans, the artists, and big brands to influence and shape campaigns with thousands of their target customers. This led to a project with MasterCard to help introduce Contactless payments at major UK festivals. We developed Fingopay in the same way with the Xtaster community so, by the time we trialled Fingopay at Festival Number 6 in North Wales, we knew we had something that music fans were excited to try.
Why did you decide to launch a crowdfunding campaign?
Biometrics will liberate our everyday life transactions. They allow us for the first time to create truly trusted exchanges with minimal fuss. As we go to market, crowdfunding is giving us the opportunity to not only raise investment from a hugely supportive audience, but also to increase public awareness of our product. I understand there is an amazing number of pioneering investors (more than 500,000) out there in the Crowd.
To date, Fingopay has taken care to build a business funded by smart money where our investors have a voice and all invest under the same terms. With our crowdfunding raise, we have been able to continue this approach with the same terms, same rights and a significant voice represented by the CrowdCube nominee.
One day, I hope this business will be owned by the individuals who use Fingopay, meaning that Fingopay would become a truly user-led solution. We believe our users want to take part in the journey to define the future of their identity. It is with this ethos that we have launched our crowdfunding campaign to the public.
What has Fingopay achieved to date and what is next?
To date, we have been successful in getting our solution primed for market. As a result, we have assessed in detail the needs of scaled customers within each of our target segments through successful pilots. While it has been a steep learning curve, we have seen incredibly positive results when it comes to user uptake and merchant appetite for further roll out.
Our earliest success was introducing Festival Number 6 to the cashless future; this gained the attention of heavyweights Worldpay and VISA. Subsequent deployments to the wider public in hospitality and retail settings captured worldwide media attention. Our latest achievement has been the implementation of truly unattended, self-serve transactions in Copenhagen.
Fingopays’ ultimate goal is widespread availability of its payment solution enabling registered users to pay anywhere. To achieve this, the company needs to build both a network of merchants with Fingopay and customers who have registered. All of our real-world evidence to date suggests users are motivated to come on this journey of convenience and security.
Over the next 12 months, the company will focus its market entry strategy where it will have the greatest commercial impact; on specifically-identified city hubs. By concentrating its efforts within cities, the company will be able to roll out quickly and cost-effectively as well as create a viral network effect. In addition to commercial delivery, we are continuing to push technical boundaries with our platform ensuring Fingopay’s leadership of biometric security and speed of on-cloud matching.
Why should our Crowd join you on your journey?
As we continue our raise, we are absolutely thrilled by not only the significant investment received but the general level of interest and engagement from the crowd. The time for identity is now.
It is a great moment for investors to join us on our journey as we begin rolling out to scaled customers in our target market segments. A survey by Market Wired forecasts that the global biometric technologies market will reach $41.5 billion by 2020 from $14.9 billion in 2015, equating to a 5-year compound annual growth rate of 23%.
We look forward to the continued support and enquiries throughout the rest of the round.
For those of you who are interested to find out more, we are presenting on Crowdcube’s Digital Demo on Thursday 9th August at 12-1pm. You can sign up for free here.
Find out more and invest by visiting the Fingopay pitch page.
Investments of this nature carry risks to your capital. Please Invest Aware.