Malta secures $7 million investment by AI-powered US firm specialising in digital identities

Trust Stamp, an AI powered authentication company dual headquartered in the United States and United Kingdom, announced its intention to establish and operate a wholly owned subsidiary in Malta.

The project will see Trust Stamp putting in an investment of more than 7 million dollars raised on the public markets together with direct investments that include companies such as Mastercard International, Second Century Ventures and FSH Capital.

Malta Enterprise is assisting the realisation of such project with the provision of a million euro in assistance, including a 200,000 euro grant together with up to €800,000 as a low-interest loan to fund 75% of the salaries of Trust Stamp’s Malta-based employees. The low-interest loan is repayable via 10% of the annual profits generated by the Malta subsidiary.

Malta Enterprise CEO, Kurt Farrugia said: “We are thrilled that Trust Stamp, one of the fastest growing and most innovative AI powered authentication companies globally will be investing in Malta to develop its base from where cutting edge R&D projects will be carried out. Malta Enterprise and Trust Stamp have already identified various initiatives of mutual interest that we will be implementing in the coming months. This includes initiatives to promote a higher participation of females in technology. Together we will also be seeking to capitalise on the immense opportunities that Africa offers.”

Trust Stamp CEO, Gareth N. Genner said, “We have been working with Malta Enterprise for over a year and are very impressed both by Malta’s commitment to the continued growth of their technology industry, and by our shared commitment to substantially increasing the participation of women in the technology sector. In recent months, we have engaged with many of Malta’s government departments and we have executed a letter of intent to work together on a broad range of technology initiatives.”

Genner went on to say, “Malta will not only host an expanded R&D team including our new Post-Doctoral Fellowship Program but will also serve as the base for our public-benefit subsidiary “AiiD” to work with NGO’s and governments throughout Africa. Malta has a long-term commitment to working with a number of African governments, and there are tremendous opportunities for us to partner with both the Malta government and other Maltese enterprises”.