Photo - Bizmora Pay
45039

Bizmora Pay

Boosting banking capabilities

India, West Bengal
Market: Financial services
Stage of the project: Idea or something is already done

Date of last change: 19.02.2020
Min investment
$  300.000
Show contacts
Total required
$ 1.000.000
Rating
equalizer из 1000
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Idea

The problem with the Indian banking industry today is the security risk associated with digital transformation. The prevalent multi-factor authentication is vulnerable; hence banks prefer to provide most of their crucial banking services through their branch banking.
IdentityShack, a product of Bizmora Pay Pvt Ltd intends to solve this problem by creating a biometric-authentication based layer of security that envelops the most critical banking functions.

Current Status

Incorporation Stage

Market

Total transaction value in the digital payments segment amounts to US$81,197m in 2020.Total transaction value is expected to show an annual growth rate (CAGR 2020-2023) of 18.3% resulting in the total amount of US$134,588m by 2023. The market's largest segment is digital commerce with a total transaction value of US$71,544m in 2020.
The India Biometrics market reached a value of US$ 1.7 Billion in 2018. Looking forward, the market is projected to grow at a CAGR of around 15% during 2019-2024 reaching a value of US$ 3.8 Billion by 2024.

Problem or Opportunity

The problem with the Indian banking industry today is the security risk associated with digital transformation. The prevalent multi-factor authentication is vulnerable; hence banks prefer to provide most of their crucial banking services through their branch banking.

Solution (product or service)

IdentityShack, a product of Bizmora Pay Pvt Ltd intends to solve this problem by creating a biometric-authentication based layer of security that envelops the most critical banking functions. IdentityShack is based on the three principles of customer authentication that are, knowledge (Internet bank credentials), possession (mobile device), inherence (biometric).

Competitors

Fingpay, FSS, Signzy, FRS lab, Smart ID

Advantages or differentiators

IdentityShack performs localization of derivative of biometric, hence reducing the risk of biometric data getting compromised. IdentityShack is also banking business focused i.e. rather than focusing on how to improve biometric, we are focusing on how to make proper use of biometric in the most secure way possible considering the vitality of the business process. We are not making biometric the base of authentication, but using biometric as an added layer of security to authentication the accountholder for performing the most critical banking transactions including payments.

Finance

2021 2022 2025 2030
Revenue: 0,000 8,484,000 278,160,000 862,800,000
Net Income: -42,229,486 -40,150,500 190,118,000 750,853,000

Business model

B2B

Money will be spent on

Incorporation and MVP product to be able to sell to banks

Offer for investor

- 20% Equity share

Team or Management

Risks

Biometric signature is irreplaceable
Regulation and compliance
Matching biometric signatures
Customer Acceptance

Incubation/Acceleration programs accomplishment

No

Won the competition and other awards

No
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video