Latvian biometric startup Handwave raises $4.2M in Seed funding to launch palm-based payment platform

Handwave, a Latvian biometric startup developing a palm scan-based payment system, has raised $4.2 million in Seed funding to launch its palm-based payment and identity platform in Europe and the US. The round was led by Practica Capital, with support from FirstPick, Outlast Fund and Inovo.vc.

About Handwave 

• Handwave is a Riga-based startup developing a palm scan-based payment system. It enables customers to make payments, verify their age, and collect loyalty rewards using biometric authentication. 

• The technology aims to simplify the checkout process by reducing transaction and wait times. Handwave is compliant with PCI-DSS, PSD2, and GDPR standards.

Investment details 

• The round was led by Practica Capital, a Lithuania-based early-stage VC. It’s focusing on technology-driven startups across the Baltic region. To date, Practica Capital has an AUM of more than €130 million and has invested in over 60 companies.

• In addition to this, the round was backed by FirstPick and Outlast Fund, also from Lithuania and Inovo.vc , a Polish VC firm that also operates in the Baltics.

Handwave plans to use the new funding to accelerate the development of its palm scanning payment solution, expand its team, and conduct market pilots in retail stores.