Venture funding for biometric recognition company AimBrain could change the face of retail banking

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AimBrain has received £4m of series A funding in a round led by the Business Growth Fund (Source: Getty)

AimBrain, a biometric recognition business, could be set to change the face of retail banking after receiving £4m of venture capital funding.

As banks increasingly look to explore automation and enhance security, devices ranging from mobile phones to ATMs could soon be paying much more attention to how customers look, sound and act.

AimBrain's founders, Andrius Sutas and Alesis Novik, claim features including face and voice recognition and analysis of mobile device usage could prevent fraud as they “solve the problem of identifying customers”.

“We know that financial institutions have a big problem with fraud prevention, and customers are not getting the best experience,” said Sutas.

“That's why we built a platform that uses behavioural, facial and voice data to identify customers accurately, quickly and securely.”

The behavioural biometrics element measures details including a smartphone-user's typing speed, touch pressure and how much their hand shakes as they hold their phone.

Read more:  Young bank customers keen for biometrics to replace passwords

AimBrain's technology can “plug in” to any existing platform, and the founders envisage it being used across ATMs, mobile banking apps, call centres and physical branches.

The funding for the London-based company could put AimBrain in a good position to take on the financial services market.

Several banks are in the early stages of testing out the technology, including Mastercard with its “pay by selfie” scheme, Nationwide's behavioural biometrics online banking login and Barclays' vein scanner.

But AimBrain aims to combat the current fragmented take-up by offering banks a full range of biometric recognition services to use across the whole online and physical banking platform.

The latest series A funding round for AimBrain, led by the Business Growth Fund's venture capital branch, should help take the company's futuristic technology catch the eye of mainstream institutions.

Early-stage venture capital firms Episode1 and Entrepreneur First also contributed, alongside angel investors Simon Rozas, former head of digital at HSBC, Metaswitch founder Chris Mairs and Katana Capital founder Charles Songhurst.

Tags: Biometrics