Brazilian company invests in data security and wants to put an end to scams
Technology has made it easier to make payments and do business via mobile phones, but not everyone feels protected. In Brazil, scams and fraud are becoming more and more frequent. Every day there is news of new schemes that are harmful to public safety and users.
That's why a Brazilian company has come up with a tool that can help solve this problem. Read more and find out what could mean the end of fraud.
Facial recognition
The startup Payface, a payments company through facial recognition, has just invested more than 15 million to understand its Series A. The resources used in the investment came from a venture capital fund Fintech Revolution. This fund was created by former GP partner Marcelo Peano and advertising professional Jader Rossetto. In addition, it also had the participation of Márcia Mello, an experienced executive in the payments market.
Four investments have been made so far, and the manager has 100 million to find startups that it deems worthy. The most significant was the following: in the fundraising before this one, Payface managed to raise 30 million with the BTG Pactual fund, Hi Partners and the multifamily office Oikos.
Payface was created by Eládio Isoppo and Ricardo Fritsche in 2018. The Florianópolis-based organization designed a technology that makes payments through facial biometrics. In other words, it does not use a card or cell phone in transactions. Therefore, this tool would be a step beyond security which is already done through most banks: digital.
There are already companies in the country using the services. The entire St Marché supermarket chain, located in the South Zone, and Prezunic have adopted the tool in most of their establishments. But Payface expects much more. The expectation is to double the number of POSs by the end of 2023. Thus, serving approximately 2.4 million consumers who want to feel safe when shopping.
Thief's cell phone
The company sells the idea that it is necessary to put an end to the “thief’s cell phone” culture, which is the Brazilian habit of leaving home with two cell phones in case of a robbery. In this case, the cell phone that contains bank passwords or personal information is protected at home. This insecurity experienced in the country’s big cities was precisely what motivated the company to invest in facial recognition as a means of payment.
The company owner himself is a victim of this lack of security on the streets. The manager usually takes his dog for a walk in Itaim Paulista, and does not take his cell phone out for fear of theft. With facial recognition, the fear of not being able to buy something when he goes out, because he does not have to carry cards or cash, is over.
Anyone who wants to use Payface must create an account on the startup's app. The next step is to register your face as a payment method and then simply use it at the 1,000+ authorized locations with the technology.
The expectation is that the tool will become a kind of Pix, like Pixface. Authorization for this has already been requested from the Central Bank. The expectation is that it will be granted by the end of the year.
