Russian largest bank Sberbank invests into the biometric technology vendor, VisionLabs

27 November 2017

Sberbank Sberbank, a state-owned Russian banking and financial services company, the largest bank in Russia and Eastern Europe, has purchased a 25% ownership in VisionLabs, a Russian visual recognition technology developer, as the bank moves to create a comprehensive biometric authentication system.

The stake acquisition is the first major effort made by Sberbank to develop a biometric technology solution, which incorporates facial, voice and retina authentication capabilities in addition to other human recognition factors, as reported by Lev Khasis, First deputy CEO of Sberbank.

Khasis noted that the technology developed on the basis of VisionLabs platform is a world leading solution as evidenced by international testing and extensive internal trials conducted by Sberbank. The investment on behalf of Sberbank was completed by Digital Business Development Administration, the bank’s fintech venture capital firm.

At the moment VisionLabs is partnering with Equifax in Russia under the terms of a ten year deal and its solutions are implemented by over 20 banks for card fraud prevention and security assurance.

Last year Sistema Venture Capital funneled $5.5 million into the biometric solutions vendor as a part of Series A funding round.

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