Mastercard Invests in AI-Based Startup Trust Stamp

Friday, 31/01/2020 | 12:09 GMT by Arnab Shome
  • The startup is working on an online, offline identity solution.
Mastercard Invests in AI-Based Startup Trust Stamp
Photo: Bloomberg

Electronic Payments giant Mastercard has made a strategic investment in Trust Stamp, an Artificial Intelligence-based authentication services company.

Announced on Thursday, the amount involved in the investment deal was not disclosed in the public domain.

Trust Stamp is a graduate of the 2018 Mastercard Start Path accelerator program and is headquartered in the Advanced Technology Development Center (ATDC) at the Georgia Institute of Technology.

The two companies first collaborated to develop a secure non-PII authentication network for both online and offline environments at the June 2019 ID4Africa conference in Johannesburg.

Commenting on the investment, Gareth N. Genner, chief executive of Trust Stamp, said: "Our initial work with Mastercard has been focused upon enhancing privacy and data security in environments with low connectivity, and we have been impressed by the breadth and depth of Mastercard's commitment to that space."

"The programs currently being developed have the potential to improve the lives of communities around the world and we are proud to be a key component of the underlying technology."

A secure identity platform

Founded in 2015, Trust Stamp is developing presentation-attack detection tools to biometric and other identity data to create a proprietary non-PII Evergreen Hash using advanced cryptographic techniques and Artificial Intelligence.

Meanwhile, the payments giant is intensely getting involved in modern technologies, including AI and Blockchain . It was a part of the Facebook-led Libra Association but pulled out from the consortium to save itself from regulatory backlash.

The company also partnered with R3 last year to develop a blockchain-based cross-border payments system.

"This is part of our commitment to make the digital economy work for everyone, everywhere," Shashi Raghunandan, Mastercard's senior vice president for humanitarian and development programs, added. "Trust Stamp's AI-powered technologies help us to provide our development sector partners with robust authentication solutions."

Electronic Payments giant Mastercard has made a strategic investment in Trust Stamp, an Artificial Intelligence-based authentication services company.

Announced on Thursday, the amount involved in the investment deal was not disclosed in the public domain.

Trust Stamp is a graduate of the 2018 Mastercard Start Path accelerator program and is headquartered in the Advanced Technology Development Center (ATDC) at the Georgia Institute of Technology.

The two companies first collaborated to develop a secure non-PII authentication network for both online and offline environments at the June 2019 ID4Africa conference in Johannesburg.

Commenting on the investment, Gareth N. Genner, chief executive of Trust Stamp, said: "Our initial work with Mastercard has been focused upon enhancing privacy and data security in environments with low connectivity, and we have been impressed by the breadth and depth of Mastercard's commitment to that space."

"The programs currently being developed have the potential to improve the lives of communities around the world and we are proud to be a key component of the underlying technology."

A secure identity platform

Founded in 2015, Trust Stamp is developing presentation-attack detection tools to biometric and other identity data to create a proprietary non-PII Evergreen Hash using advanced cryptographic techniques and Artificial Intelligence.

Meanwhile, the payments giant is intensely getting involved in modern technologies, including AI and Blockchain . It was a part of the Facebook-led Libra Association but pulled out from the consortium to save itself from regulatory backlash.

The company also partnered with R3 last year to develop a blockchain-based cross-border payments system.

"This is part of our commitment to make the digital economy work for everyone, everywhere," Shashi Raghunandan, Mastercard's senior vice president for humanitarian and development programs, added. "Trust Stamp's AI-powered technologies help us to provide our development sector partners with robust authentication solutions."

About the Author: Arnab Shome
Arnab Shome
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6654 Articles
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