LONDON, November 14, 2017 /PRNewswire/ --
IrisGuard, the UK-based pioneer in Iris Recognition Technology (IRT) payment solutions, today announced an investment from Goldman Sachs' Merchant Banking Division. Terms of the transaction were not disclosed.
IrisGuard was founded in 2001 by its current CEO Imad Malhas and Rudain and Karim Kawar.
IrisGuard serves millions of unbanked customers through its innovative EyePay® Platform, used by the United Nations and government aid agencies around the world. These programs rely on IrisGuard for the delivery of financial aid, by providing beneficiaries with cash based transfers and other assistance using iris recognition.
IrisGuard's ground-breaking technology is specially suited to individuals with no bank accounts, such as migrant workers, displaced persons, refugees, natural disaster victims, and social welfare recipients. IrisGuard allows such individuals to access cash withdrawals, food vouchers, bank wires and money transfers using solely their eyes for identity verification and ensuring a fully secure transaction. These solutions significantly reduce levels of fraud, making sure humanitarian aid reaches its intended recipient.
The EyePay® Platform is also blockchain-ready, with IrisGuard working in partnership with the United Nations to enable goods to be purchased using iris recognition and settled directly on the blockchain. This project is the largest private fork of the Ethereum blockchain implementation to date for humanitarian assistance. Authenticating the last mile is achieved through an iris recognition system designed by IrisGuard, where the eye becomes the key that cannot be lost, stolen, forged, copied, or forgotten.
"IrisGuard has established itself as a leading player in iris recognition, with differentiated technology, a unique approach to payment solutions and an unmatched track record of service, including to clients such as the United Nations. Goldman Sachs is excited to partner with IrisGuard to support the company in its next stage of growth and development." said Anthony Arnold, a Managing Director at Goldman Sachs.
"We are very excited about the investment from Goldman Sachs, with their relevant experience in innovative and leading FinTech companies. This is also a tribute to IrisGuard's pioneering EyePay® Platform and our strong growth prospects. The investment is well timed as IrisGuard expands its merchant network services into new territories around the world." commented
CEO Imad Malhas.
About IrisGuard Inc.
Established in 2001, IrisGuard is a leading provider of iris recognition technology, used in a variety of payment and other applications and serving the banking, humanitarian relief and homeland security markets. IrisGuard's patented technology includes its EyeBank®, EyeCloud®, EyePay® and EyeCash® solutions, plus a variety of world-leading identity applications designed to deliver cardless cash withdrawals on ATMs, remittances and food voucher replacements.
About Goldman Sachs Merchant Banking Division
Since 1986, the Merchant Banking Division of Goldman Sachs has raised over $166 billion of capital in equity, credit and real estate funds to invest in a variety of geographies, industries and transaction types. With Merchant Banking representatives in seven countries around the world, Goldman Sachs is one of the largest managers of private capital globally, offering deep expertise and long-standing relationships with companies, investors, entrepreneurs and financial intermediaries. Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
Senior Vice President & COO
SOURCE IrisGuard UK Ltd