Last week, RTIH reported that Fingopay was going down the crowdfunding route with the aim of raising £750,000.
It has now hit its funding target. London-based Sthaler owns exclusive rights to the biometric, identity and payment service, which uses Hitachi's VeinID technology. It was originally designed for music festivals but has been catching on in the retail sector. Sthaler, which has already pulled in over £5 million in funding, turned to Crowdcube to raise money from investors in return for 2.18% equity.
CEO Nick Dryden says: “The potential market is massive…consumers are driving the world towards a cashless society. And they want to use Fingopay. We have built an incredible team here with extensive experience. And we are looking to capitalise on this opportunity. With this investment we can start out city-by-city roll-out strategy. And build Fingopay as a scheme that is available everywhere.”