News Summary

Latvian fintech startup Handwave is launching a European alternative to Amazon’s palm payment system, aiming to provide third-party retailers with a secure and efficient biometric payment solution. With its own hardware and software, Handwave is preparing for market pilots deploying palm scanning devices at retail stores. The startup has partnered with notable financial institutions, including Visa, to facilitate its expansion across Europe and beyond. Supported by a $4.2 million seed funding round led by Practica Capital, Handwave intends to compete on pricing by developing its own cost-effective hardware and algorithms. The company, co-founded by Janis Stirna and Sandis Osmanis-Usmanis, aims to build a wide ecosystem by collaborating with financial institutions and acquiring banks. Handwave plans to start in the European Union, known for its strict market regulations, before expanding to the U.S. market.