Wultra specialises in financial security, providing mobile-first software authentication and hardware authenticators used by major European banks.
The investment arises amid increasing global worries about the weaknesses of conventional security methods. Quantum computers are on the verge of breaking the cryptography that secures billions of financial transactions every day. Wultra, which includes Raiffeisen Bank International, Erste Digital, OTP Bank, and Global Payments as clients, aims to support the development of secure authentication solutions capable of withstanding quantum-level threats.
Although Wultra primarily generates sales from its smartphone software authentication solution, there has been considerable demand for its hardware authenticator, Talisman. As demand for this solution increased, the company delivered a substantial quantity of units until now, along with securing tens of thousands of pre-orders. To guarantee the security and compliance, all Talisman devices are produced and assembled within the European Union, with final manufacturing occurring in the Czech Republic.
Banks and fintechs rely on Wultra's solutions, particularly in Central Europe. The EUR 3 million investment will help the company develop post-quantum authentication and expand into Western Europe and Southeast Asia. Wultra plans to open an office in Singapore in 2025 to meet the rising demand for digital banking in these areas.
Representatives from Tensor Ventures stated that Wultra offers advanced technology that addresses the challenges faced by bankers worldwide.
In July 2024, Wultra launched Talisman, a personal identity device aimed at upgrading online banking security. It offered a user-friendly experience with strong protection against phishing and malware while ensuring regulatory compliance. Utilising FIDO2 technology, Talisman simplified authentication with a two-line display, allowing users to approve transactions securely using a PIN code, thus eliminating manual input of transaction details and verification codes.
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