Keyless secures USD $2 million to enhance US expansion

Keyless, a UK-based firm specialising in privacy-preserving biometric authentication, has secured an additional USD $2 million in funding, increasing its total to USD $10 million in a period of 18 months.

The recent funding, supported by Experian Ventures and Rialto Ventures, is intended to bolster the company's expansion efforts in North America and propel technological advancements aimed at countering deepfake threats, particularly in the financial services sector.

In 2024, Keyless recorded over 700% growth year-over-year, attracting new clients across the UK, EU, and both North and South America with their facial biometric authentication services. The company serves a diverse portfolio of industries, including banking, fintech, cryptocurrency, and gaming.

The company made significant strides in the US market by bringing on board advisors Sarah Clark and Charles Walton, former Senior Vice Presidents at MasterCard, and by recruiting directors for Sales and Technical Services specifically for North America.

Andrea Carmignani, Co-Founder and CEO of Keyless, commented, "2024 was a transformational year for both Keyless and the broader industry. The biometric identity market for financial services is expected to grow at a remarkable CAGR of 41% over the next three years, reaching USD $40 billion globally. At Keyless, we have already seen a significant shift in the adoption of privacy-preserving biometrics that can reduce fraud whilst improving the user experience at the same time. We're looking forward to what 2025 will bring."

With the newly raised funds, Keyless aims to enhance its presence in North America, develop key innovations, and expand its customer base. This includes improving its existing privacy-preserving solutions for new challenges, such as protecting against sophisticated injection attacks leveraged in deepfake technology. Additional features are currently in development, with more updates expected as the year progresses.