Michael Spencer invests millions in biometric fintech startup

City trading veteran Michael Spencer has invested $14.2m in Veridium — a fintech startup that replaces traditional methods of cyber security with facial recognition and other forms of biometric authentication. In total, Veridium raised $16.5m from its latest funding round that also included commitments from US software group Citrix Systems and investor Michael Powell. Spencer and Powell will join the board of Veridium. Veridium is run by CEO James Stickland, a former employee of HSBC and JPMorgan. The company has offices in the US, UK and Romania.

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