Latvian biometric startup Handwave announces $4.2 million seed funding round led by Practica Capital

Handwave, a biometric startup founded in Latvia, has raised $4.2 million in seed funding to launch its palm-based payment and identity platform in Europe and the US.

The round includes backing from regional investors, led by Practica Capital, with support from FirstPick, Outlast Fund and Inovo.vc, and will fund product development, regulatory certifications, and live retail pilots.

Using proprietary technology, the solution enables customers to onboard themselves, scan their palm using their phone camera, and link payment and loyalty cards, as well as identity credentials, to a digital wallet. Once enrolled, users can hold their palm over a reader to pay, activate loyalty, or confirm their age - no apps, phones, or wallets needed at checkout.

“We’re building the next evolution in everyday identity and payment experiences,” says Jānis Stirna, Co-Founder at Handwave. “The checkout process in physical stores is still full of friction - digging for a wallet, opening apps, scanning loyalty cards or QR codes, verifying age while buying age restricted items.”

“It’s slow, clunky, and often frustrating. Handwave simplifies all of that with a single gesture. When people hear they can pay, collect loyalty points, and verify their identity just by showing their palm, they instantly grasp the convenience. It immediately clicks. We’re not just innovating for the sake of technology - we’re solving a very real and universal problem for both customers and merchants.”

“Handwave demonstrates the kind of bold thinking we look for in local Baltic founders,” says Arvydas Blože, Partner at Practica Capital. “The idea that you can securely pay or verify your identity with nothing but your palm - without needing to take out a phone - is not just futuristic, it’s imminently practical. Their technology is bold, intuitive, and answers a real need in today’s increasingly digital world. And we believe that Handwave is at the forefront.”

Handwave has raised $5 million in total funding to date, including a $780,000 angel investment. The company is currently preparing for market pilots, deepening its biometric infrastructure, and engaging its merchant partnerships across the Baltics and beyond.

2025 RTIH INNOVATION AWARDS

Payments will be a key focus area at the 2025 RTIH Innovation Awards.

The awards, which are now open for entries, celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended November's gathering. 

For further information on the 2025 RTIH Innovation Awards, please fill in the below form and we will get back to you asap.