OSLO, NORWAY - 24 August 2023 - Zwipe AS ("Zwipe" or "the company") today
announces its results for the first half of 2023.

Significant events H1 2023

  · Zwipe successfully completes rights issue raising approximately 100.1
million NOK in new capital.

  · Zwipe and Kuwait International Bank ("KIB") announce the first commercial
launch of biometric payment cards to KIB's Visa Infinite clients.

  · Middle East Payment Services ("MEPS") announces the commercial launch of
biometric payment cards from Zwipe in partnership with Mastercard.

  · Beautiful Card Corporation ("BCC") granted approval from Mastercard to
deploy biometric payment cards using Zwipe Pay.

  · Zwipe signs new partnerships with Antworks Money, Wahyukartu, TBHP, and
Unicard to deliver biometric payment cards ("BPCs") in India, Indonesia,
Vietnam, and the MEA region respectively.

  · Civix and Zwipe Initiate Proof-of-Concept with Safe Skies at Richmond
International Airport.

  · Zwipe signs new partnerships with CardLogix, OLOID, and a large German
partner to deliver biometric access cards.

H1 2023 operational review

In May, Kuwait International Bank (KIB) announced the first commercial launch of
biometric payment cards based on Zwipe Pay technology to their VISA Infinite
customers in Kuwait. On the back of this launch, KIB is now considering making
the biometric card more widely available to cardholders across their customer
base. The announcement generated extensive interest in the region from our
partners to either initiate or accelerate the launch of biometric payment card
programs for other issuers. Later in May, MEPS, in partnership with Mastercard,
announced the second commercial launch of BPCs from Zwipe. The MEPS announcement
is significant as it will enable a wide range of regional banks to launch BPCs
more rapidly.

During the first half, Zwipe also signed eight new partnerships with SCMs and
perso bureaus in the APAC region. Early in the third quarter, Zwipe also signed
a partnership agreement with a major Japanese SCM, a first for Zwipe in this
very important market in terms of both payment transaction volume and value, and
a second agreement with a partner in Taiwan. These new agreements and
partnerships represent expanded geographic scope for Zwipe, and Zwipe is working
closely with our partners to bring biometric payment cards to issuers in these
large and dynamic new markets.

Zwipe also released the market's first available mobile enrolment solution,
including a Software Development Kit ("SDK") with reference apps for iOS and
Android available in the respective Apple and Google official app stores. Mobile
enrolment solutions are deemed very important by issuers considering launches of
BPCs. Zwipe also refreshed our payment scheme certifications and released Zwipe
Pay version 1.1, based on the updated standards from Mastercard and Visa.

On the Zwipe Access side, Zwipe initiated several proofs of concept in our
target verticals in the USA and Europe. Of particular importance was the
announcement that our partner Civix is performing a PoC at Richmond
International Airport in conjunction with Safe Skies Alliance. In total, more
than ten PoCs are underway and progressing and approximately ten more PoCs are
also already in the pipeline for the second half of this year.  During the first
half, we also signed multiple important go-to-market partners including industry
leaders Cardlogix and OLOID and roughly doubled our number of GTM partners. In
total, twelve partners have signed or are in the process of signing distribution
agreements.  The initiation of PoCs and signing of important GTM partners makes
us confident we will see commercial deployments of the Zwipe Access solution in
H2 2023.

Fundraising and restructuring

In March 2023, Zwipe successfully completed a rights issue raising approximately
100.1 mNOK in capital. While the fundraising should enable Zwipe's transition
toward commercialization, we are cognizant that market adoption of biometric
cards through 2023 has been slower than anticipated, impacting not only Zwipe
but also Zwipe's partners and competitors. As a consequence, we announced a
restructuring of the company in June - bringing down costs substantially to
reflect the current realities, but not affecting our ability to serve our
customers and partners. These initiatives are expected to reduce the group's
operating costs in 2023 by approximately NOK 14 million compared to 2022 and
lower the cost base by approximately NOK 35 million on an annual basis. Once
executed, the improvements are expected to have full impact from the fourth
quarter of 2023.

The main message from the restructuring announcement is that the development of
both the Zwipe Pay and Zwipe Access products has largely been completed. In the
context of R&D having been largely completed, the focus of the fundraising and
the restructuring has been to accelerate Zwipe's path towards commercialization.

H2 2022 financial review

Zwipe reported total revenues of 1.7 mNOK during H1 2023, up 113% from 0.8 mNOK
in H1 2022, while total operating expenses increased by 9.0 mNOK to 57.5 mNOK in
H1 2023 from 48.4 mNOK in H1 2022.  The above resulted in net income for H1 2023
of -55.9 mNOK, 8.5 mNOK lower than -47.4 mNOK in H1 2022.

Total net cash flow for H1 2023, including cash flow from financing and
investing activities, was 25.5 mNOK compared to -42.6 mNOK in H1 2022, as Zwipe
successfully completed a rights issue raising 100.1 mNOK in gross proceeds in H1
2023.  Cash flow from operations and investments, before financing and
facilitation, decreased by -10.8 mNOK to -59.3 mNOK from -48.6 mNOK in H1 2022.
The underlying average monthly operating cash flow in the H1 2023 was -9.9 mNOK
compared to -8.1 mNOK in the same period last year.  The monthly net burn rate
is expected to decrease by roughly 30% in the second half of 2023 compared to
the first half as a result of the June restructuring announcement.

On 30 June 2023, cash and cash equivalents were 76.0 mNOK, compared to 50.5 mNOK
at end 2022 and 109.7 mNOK on 30 June 2022. The development in cash balance
since year-end 2022 is mainly a result of the negative operational cash flow of
59.3 mNOK plus proceeds from the rights issue in H1 2023. Total assets stood at
98.4 mNOK and total equity as of 30 June 2023 was 85.4 mNOK, giving an equity
ratio of 87%.

Going forward

Zwipe continues to make progress with its first Zwipe Pay commercial launches
and multiple Zwipe Access PoCs being executed. But in the context of delayed
volume ramp-up in biometric payment cards, the biometric access control market
still being established, and a leaner organization, our focus will be on
thoughtfully deploying funds to keep Zwipe on the path to real commercialization
of our solutions.

Results presentation

CEO Robert Puskaric and CFO Danielle Glenn will present the H1 2024 results by
webcast today, Thursday August 24th, at 10:00 CEST.

Webcast details

Date: 24 August 2023

Time: 10:00 CET

Format: Webcast and Q&A

Language: English

Link: https://app.webinar.net/gpBdkyWMaZP

Participants will be required to register to view the webcast and participate in
the Q&A, and are strongly encouraged to submit their questions prior to the
webcast on the registration page below or by sending questions to ir@zwipe.com.

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This information is subject to the disclosure requirements in the Market Abuse
Regulation (EU 596/2014) and the Norwegian Securities Trading Act section 5-12,
and is information that Zwipe AS is obligated to make public pursuant to the
continuing obligations of companies admitted to trading on Euronext Growth Oslo
(Euronext Growth Oslo Rule Book - Part II) and on Nasdaq First North Growth
Market. Certified Adviser on Nasdaq First North is FNCA Sweden AB, info@fnca.se.
The information was submitted for publication, through the agency of the contact
person set out below, at 08:00 on 24 August 2023.

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About Zwipe

Zwipe believes the inherent uniqueness of every person is the key to a safer
future. We work with great passion across networks of international
organizations, industries and cultures to make convenience safe and secure. We
are pioneering next-generation biometric card and wearables technology for
payment and physical & logical access control and identification solutions. We
promise our customers and partners deep insight and frictionless solutions,
ensuring a seamless user experience with our innovative biometric products and
services. Zwipe is headquartered in Oslo, Norway, with a global presence.  To
learn more, visit http://www.zwipe.com.

For more information, please contact:

Danielle Glenn, CFO and Head of IR
ir@zwipe.com