Touchtech appoints heavy hitters, adds jobs after client win

Irish fintech start-up Touchtech has announced the appointment of a number of heavy hitters to its board and said it is to create 40 new jobs following a major client win.

The online authentication company, which was founded in 2013 by Joseph Kuye & Shekinah Adewumi, has developed a product known as TAP (transaction authentication platform), which serves as an alternative to unpopular existing technologies such as card readers or password-based solutions like Verified by Visa.

The technology uses near field communication (NFC) chips to replace the need for passwords when shopping or banking online.

Dublin-based Touchtech, which has raised about €1 million to date, has just signed its first major deal to provide services for Optimus Cards Group, a provider of payment services. The contract sees the company's authentication product being rolled out in credit unions across Ireland and the UK.

The start-up also announced the creation of 40 technical and marketing jobs over the next three years and said it had made a number of additions to its board.

Donal O'Brien, president of Aramark Northern Europe, which encompasses the catering group's operations in Ireland, Britain and Denmark, Mark Ryan, former managing director of Accenture Ireland, and Gary Kennedy, chairman of Greencore, have all joined the company as non-executive directors. Mr O'Brien will also serve as chairman of the firm.

Touchtech, which emerged from Trinity College Dublin's student incubator programme, LaunchBox, is now led by John Power, a former general manager at AIB and board member of Santander Poland. He took over as chief executive in June following the departure of Mr Kuye.

“We look forward to partnering with Optimus Cards Group who share our goal to provide simple and accessible card payment products that are easy for developers to implement and easy for credit union members and bank customers to use.,” said Mr Power.

“This initial roll-out is part of our wider plans to build our presence in the banking sector where an authentication solution such as ours can deliver significant benefits in terms of a better user experience, reducing costs and enhancing fraud protection,” he added .