Latvian startup Handwave secures €3.6M in seed funding to launch a privacy-focused biometric solution for digital payments and identity. Discover the investors behind the round on Fundreef.
In a market increasingly dominated by biometric innovation and privacy concerns, Latvian startup Handwave has closed a €3.6 million seed round to launch a breakthrough in privacy-first biometric payments and identity verification.
Founded in 2023 and based in Riga, Handwave is developing a contactless biometric platform that enables people to pay, verify their identity, and access services using only their hand—without compromising privacy or storing sensitive biometric data in the cloud.
The funding and who’s behind it
The €3.6M round was led by Change Ventures, one of the top Baltic-based early-stage VCs, with participation from:
- Second Century Ventures (SCV), the strategic investment arm of the U.S. National Association of Realtors
- Firstpick VC, a pan-Baltic pre-seed and seed fund
- Several strategic angel investors across Europe
The funds will be used to:
- Expand R&D with a strong focus on AI, biometric encryption and real-time verification
- Finalize pilot projects with banks, retailers, and public institutions
- Kick off go-to-market operations in Europe, including Germany and the Nordics
What makes Handwave different?
Most biometric systems today rely on cloud-based facial or fingerprint data, raising privacy and compliance concerns. Handwave takes a radically different approach:
- No biometric data is stored—not in the cloud, not even locally.
- It uses gesture-based behavioral biometrics, turning the unique movement of your hand into a secure ID.
- All processing happens on-device, enabling anonymous, zero-trace verification.
It’s GDPR-native technology, ideal for high-traffic environments like airports, transport systems, and financial institutions.
Market opportunity
The convergence of digital identity and payment is one of the hottest trends in European tech. With the EU Digital Identity Wallet incoming and growing biometric adoption in banking, travel, and public infrastructure, Handwave is entering a €50B+ market.
Their privacy-first model gives them a strategic edge in highly regulated sectors and sets them up for scale across the EU.
Why early-stage investors are watching
At Fundreef.com, we spotlight seed-stage ventures with serious long-term potential—and Handwave checks every box:
- Strong team with deep tech + cybersecurity backgrounds
- Privacy-first innovation with regulatory alignment
- Validated interest from major institutional partners
- Backing from leading VCs like Change Ventures and SCV
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