Toronto-based SecureKey, which develops authentication and identity solutions for online consumer service companies, has announced a raise of $27 million to fund the commercial rollout of a new privacy-enhancing digital identity network.
BMO, Bank of Nova Scotia, CIBC, Desjardins, RBC, and TD participated in the funding round and are teaming up with SecureKey on the rollout.
“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, EVP and chief digital officer of TD. “Investing in innovation that will improve the customer experience is core to our strategy. Given the priority we place on security and privacy, we’re uniquely positioned to help shape this offering.”
The company also announced that SecureKey’s founder and chairman Greg Wolfond will be returning as CEO. Wolfond founded the company in 2007; in 2012, Charles Walton — whose background includes acting as General Manager and EVP of the NFC & Secure Payments Business — was appointed as CEO. “I couldn’t be more thrilled that Charlie is joining SecureKey as we accelerate the build-out of our Canadian ecosystem and prepare to enter new markets,” Wolfond said at the time. “There are few opportunities in our space to attract senior executives of Charlie’s calibre – he brings an unmatched combination of deep subject matter expertise and the proven ability to lead fast-growing organizations.”
Wolfond is now working on this collaboration between financial services providers and driving growth of its SecureKey Concierge product. The company plans to launch its new product in 2017, which it says will make it easier for consumers to manage their digital assets and digital identity.
“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. Canada’s largest financial institutions are among the most trusted in the world, and we could not have a better group of aligned strategic investors for this groundbreaking initiative.”
BetaKit has reached out to Wolfond for further comment.