Russian lender Sberbank has taken a 25% stake in biometrics firm VisionLabs as part of its strategy to develop a biometric authentication platform involving face, voice and retina identification.
The transaction was made through Digital Business Development Administration, the fintech venture fund of Sberbank. Financial terms of the transaction were not disclosed.
The bank will leverage the VisionLabs LUNA platform as the foundation for the identification platform, which will be available within the bank as for the wider market.
Commenting on the deal, Sberbank first deputy chairman of the executive board Lev Khasis said: “The project team has achieved very impressive results and was able to not only create one of the best technologies in the world, but also a product and a solution that have proved themselves in practice and already occupy a large share of the banking biometrics market in Russia and the CIS.”
VisionLabs CEO Alexander Khanin added: “For us this deal with Sberbank is paramount recognition of our achievements. Together with such partners we are building Russia’s largest biometric platform and similar large-scale projects in the financial sector, retail, insurance, advertising, and access control and security.”