A Toronto-based provider of identity and authentication solutions has raised $27 million in growth capital to fund the commercial rollout of a privacy-enhancing digital identity network. Teaming up with SecureKey Technologies Inc. on this initiative and participating in the funding round are: BMO Bank of Montreal, Bank of Nova Scotia, CIBC, Desjardins, Royal Bank of Canada and TD.
Building upon the success of the SecureKey Concierge federated authentication service, SecureKey and its partners have established this strategic collaboration to accelerate the development of an innovative new service to be launched in 2017. The new service will make it easier for consumers to manage their digital assets and to take control of their digital identity in a privacy-enhanced and secure way.
SecureKey also announced that founder and chairman Greg Wolfond has returned as CEO.
“We want to help put the consumer back in the middle and let them take control of their digital assets, to share what they want, with whom they want, and always with informed consent,” said Wolfond. “We are excited to be working with so many partners to develop and deliver a national ecosystem that puts consumers first.”
“SecureKey is creating an ecosystem for customers to manage their digital assets securely and conveniently. It’s a model that is being developed with substantial input from TD and other banks,” said Rizwan Khalfan, executive vice-president and chief digital officer, TD. “Investing in innovation that will improve the customer experience is core to our strategy.”
“SecureKey is setting next-generation standards for enabling online identity,” said Mike Henry, executive vice-president, retail payments, deposits and unsecured lending at Bank of Nova Scotia. “We look forward to working closely with SecureKey to make customer-centric, privacy-enhanced digital ID a reality.”