Keyno, a U.S.-based startup that created CVV2 code technology that integrates with already-issued credit cards to prevent fraud, announced it will seeking funding through equity crowdfunding platform Wefunder. Founded in 2019 by Robert Steinman, Keyno describes itself as a dynamic security code that can easily be added to all Visa Credit & Debit cards, preventing Fraud on Card Not Present (CNP) transactions. The company also claims to be the first smartphone-based technology designed specifically to prevent credit and debit card fraud—rather than simply detect it—on already-issued cards.
“A new 3-digit dynamic CVV2 (CVVKey) code is issued multiple times a day and replaces the static 3-digit security code that is printed on the card. The dynamic CVV2 (CVVKey) is validated on VisaNet during the transaction and is compatible with existing card processing.”
KEYNO noted its code is now available as a standalone white labeled or branded mobile app, or as a software developer kit (SDK) plug-in to a bank’s mobile app. The company’s technology is implemented through a two-step process. It further explained:
“First, the card-issuing bank signs up with KEYNO and Visa for the service to be enabled on a range of cards via a simple form. Once enabled on VisaNet, banks will offer the technology as an option to its cardholders, who can easily activate their already-issued cards.”
In regards to the crowdfunding round, Steinman added:
“We’re confident that gaining momentum for KEYNO via fundraising will allow us to successfully approach banks, get KEYNO loaded onto hundreds of thousands of smartphones, and benefit those investors who see the unique value in this technology.”
Keyno is offering a Future Equity Agreement, which means the first $100,000 will invest in a SAFE with a $5.5 million valuation cap and 20% discount. The funds from the round will be used to continue the growth and development of Keyno’s technology. The company’s campaign is set to go public on April 16th.
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