Stellenbosch-headquartered FinTech company Entersekt now processes close to 200 million app connections on its servers every month for clients in 45 countries.
The founders are also bullish about the company’s future.
“It’s an ongoing and exciting journey with Entersekt. Last month they had just under 200 million app connections on the servers. Even greater opportunities lie ahead and a lot of amazing technology is still waiting to be developed. The scope for growth is massive,” Ramzi Mansour, the chairman of Entersekt, said on Tuesday.
The fintech firm now have offices all over the globe – including the US, the UK, Netherlands and Germany.
“We are continuing to expand rapidly,” says Schalk Nolte, Entersekt’s CEO.
The engineering remains in Stellenbosch and development costs are lower in South Africa.
“We also have a sophisticated banking environment here that has already experienced and overcome many of the security challenges that international markets are only beginning to encounter,” says Nolte.
Entersekt protects digital service providers and their customers from digital banking and payments fraud, particularly when transactions take place on mobile devices.
Smartphones are emerging as the primary platform for conducting a growing range of banking and other kinds of transactions. Securing these transactions is crucially important. So too is enabling new forms of payment on the mobile phone, and Entersekt is currently strongly focused on easing the process of banks face when introducing diverse new payments capabilities to their apps.
The company was founded in 2010 and Nolte joined the founders – four engineering students – in 2009. His international experience and relationships in the telecommunications industry were invaluable in growing the business.
Principal funding came from Mansour and his Lagos-based investment company. His interest in the business was sparked after he was the victim of credit card fraud. When Nolte approached him as an investor, and explained authentication, he took the plunge with an initial stake of $250,000.
“We’ve been profitable for over two years now and have recently closed another round of investment which is more than we need to sustain our accelerating growth going forward,” says Nolte.
Entersekt’s core business around mobile app security and authentication is a key component in the burgeoning mobile transaction space which is shifting into high gear as people use their smartphones for a diverse range of financial services and payment types.
The FinTech innovator last month received an undisclosed amount as an investment from AlphaCode and BoE Private Equity Investments. Rand Merchant Investment Holdings through AlphaCode, RMI’s innovation hub for FinTech entrepreneurs, and Nedbank Private Equity (NPE) through its private equity investment vehicle, BoE Private Equity Investments will each acquire minority stakes in Entersekt.
The money will be used to accelerate their business global expansion, and research and development.