FB pixel

Quantum authentication firm Wultra raises $3M

Quantum authentication firm Wultra raises $3M
 

Quantum authentication technology is drawing the interest of European investors. Banking security vendor Wultra has raised 3 million euros (US$3.1 million) to boost the development of its quantum-resistant authentication for web and mobile financial apps.

Among the investors are Czech-Luxembourg deep tech fund Tensor Ventures, Elevator Ventures, the venture capital arm of Raiffeisen Bank International, and Prague-based J&T Ventures, which first backed Wultra in 2022.

The Czech startup argues that the advent of quantum computers will mean that the cryptography that protects billions of financial transactions could come under attack. Quantum computers are capable of solving computational problems unsolvable by classical computers, including breaking certain types of encryption. The danger has led to the development of quantum-safe cryptography.

“We anticipate a ‘Q-day’ within the next five years – a point where current authentication systems will become ineffective against quantum computers,” says Petr Dvořák, CEO and founder of Wultra. “Financial institutions must act now to protect their infrastructure.”

The firm also relies on face biometrics for new customer onboarding, mobile app activation and reactivation and has worked with iProov to integrate facial verification tools into products from Raiffeisenbank in Czechia.

Wultra has been working with financial institutions across Central Europe, offering both software authentication and a hardware authenticator device called Talisman. Its clients include Raiffeisen Bank International, Erste Digital, OTP Bank and Global Payments.

The new investment will enable the Prague-headquartered company to expand into Western Europe and Southeast Asia. The company plans to open a Singapore office in 2025, according to its release.

Earlier in 2024, the company announced it was entering the Vietnamese market through a strategic partnership with Savis Group, a digital transformation company focusing on the government sector.

Related Posts

Article Topics

 |   |   |   |   |   | 

Latest Biometrics News

 

Municipal ID programs offer ID to undocumented people, and ICE wants their data

Amid the ongoing collapse of democratic norms in the U.S., it is easy to miss a nightmare scenario unfolding for…

 

Unissey levels-up biometric injection attack detection certification

Unissey’s face biometrics have been certified to substantial-level compliance with the European biometric injection attack detection (IAD) standard. Injection attacks…

 

Hey babe, check out my regulations: porn star, VerifyMy spice up UK Online Safety Act

It’s one thing when Christian moralists lobby for age assurance laws – but another thing entirely when the voices are…

 

Regula launches dedicated biometric morph attack detector

A new face morphing detector has been unveiled by Regula to defend against the significant security threat of passports and…

 

UK regulator fines 23andMe over massive genetic data breach

The U.K. Information Commissioner’s Office (ICO) has fined U.S.-based 23andMe £2.31 million for serious security failures that resulted in a…

 

Tonga reveals MOSIP and VS One World foundations of DPI success

Tonga launched its TongaPass digital ID and digital government portal this month. The government is now ramping up registration as…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Biometric Market Analysis

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events