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Nov 22, 2022 11:20 EEST
November 22 (SeeNews) - Capital Investments Fund (CIFund), a growth investment arm of the Bulgarian Development Bank (BDB), made an investment of 2.5 million euro ($2.56 million) in local e-identification systems provider Evrotrust Technologies to help it expand into new markets, a spokesperson for the fund told SeeNews on Monday.
There was no information on the post-money valuation of the fintech or the size of the investment at the time of publication.
Founded in 2015, Evrotrust Technologies has other offices in Austria, North Macedonia and Italy. The company offers technologies for remote and secure electronic identification and electronic signature via mobile devices, using advanced 3D machine-learning technology for automated face recognition and ID document processing. It aims to facilitate the digital transformation by supporting the digitalisation processes of businesses and public sector institutions whilst creating sustainable business models and processes. Evrotrust Technologies also works with banks and other financial institutions, insurers, retirement companies and telecoms, and has over half a million clients.
The CIFund, which provides growth funding to Bulgarian small and medium enterprises, announced the capital injection on Friday, noting that this is its sixth investment.
($ = 0.975440 euro)
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