US nearing ‘hypergrowth’ for South African authentication firm Entersekt
Entersekt, a South Africa-based transaction authentication software maker, says its fiscal 2023 performance in the United States “is nearing hypergrowth.”
Executives with the company, who focus on serving financial institutions, say in a statement that customer growth in the U.S. has been almost 220 percent in fiscal 2023.
Contracted annual recurring revenue outside its South Africa home market, according to executives, has risen by 191 percent over the same period. The company also was awarded a patent that is significant to continued growth, according to the announcement.
“Our reputation [is] delivering the highest level of security to financial institutions across all digital channels without compromising user experience,” Entersekt CEO Schalk Nolte says in a statement.
The patent underlies Entersekt’s Context Aware authentication API, which combines third-party integrators and silent and active authenticators, like face and fingerprint biometrics. It is designed, according to the company, to provide a simplified user experience while strengthening security.
Nolte says the software considers patterns in user interactions such as authentication preferences, reasons for logins and purchases, channels of engagement, transaction history and user behavior to prevent fraud while reducing transaction abandonment rates.
He says banks among his clients “have one common authentication platform across all the various channels. Not only does this provide a much better user and customer experience, but also helps orchestrate all that data to help banks make better decisions.”
Also, this fiscal year, Nolte has hired 10 top-level executives, including Matt Loos as chief revenue officer, Pradheep Sampath as chief product officer and Frank Moreno as chief marketing officer.