Czech cybersecurity startup Wultra, which provides secure authentication solutions for banks and fintech firms, has raised €3 million to accelerate the development of its post-quantum authentication technology, as Vestbee was told. Investors in the round include Tensor Ventures, Elevator Ventures, and J&T Ventures.
- Founded in 2014 by Petr Dvořák, Wultra develops easy-to-deploy post-quantum authentication solutions designed specifically for financial institutions.
- Using quantum-resistant cryptography, their technology ensures secure, passwordless access to digital services while meeting global regulatory requirements.
- Trusted by clients such as Raiffeisen Bank International, Erste Group, OTP Bank, and Global Payments, Wultra offers software for both mobile and web applications.
- Their solutions include biometric logins, PIN codes, QR code scanning, and push notifications, enabling banks and fintechs to integrate secure authentication seamlessly into their platforms.
Details of the deal
- The funding round was led by Prague-based Tensor Ventures, along with Elevator Ventures, a CVC arm of Austrian Raiffeisen Bank International that recently launched a €70 million fund focused on fintech and beyond-banking investments, and Czech VC J&T Ventures.
“We’ve supported Wultra from the early stages and have been consistently impressed by their technology and market growth. This round reinforces our belief in their growth potential and ability to lead the industry into the post-quantum era," claims Adam Kočík, Partner at J&T Ventures.
- The funding round will enable the startup to expand into Western Europe and Southeast Asia, with plans to open an office in Singapore in 2025. It will also support the development of post-quantum authentication solutions.
“Financial institutions must act now to protect their infrastructure. This investment allows us to develop next-generation solutions and deepen our presence in key banking markets that recognize the urgency of post-quantum threats," CEO and founder of Wultra, Petr Dvořák, commented in a press release.
