Entersekt, a global frontrunner in cutting-edge transaction authentication solutions for combating financial fraud, proudly announces a robust surge in both revenue and clientele. This remarkable achievement is propelled by its unwavering expansion in the United States and strategic collaborations. Following a strategic investment by Accel-KKR in the fiscal year 2022, Entersekt has witnessed rapid global growth, with a staggering 191% increase in contracted annual recurring revenue, and an impressive surge of nearly 220% in US-based clientele solely within the fiscal year 2023.
Schalk Nolte, Entersekt CEO, commends the noteworthy growth amid a challenging global business landscape, attributing it to Entersekt’s groundbreaking innovations in addressing emerging fraud threats.
Nolte emphasises Entersekt’s unrivaled ability to deliver unparalleled security to financial institutions across digital channels, all while ensuring a seamless user experience. This unique approach has resonated with decision-makers, many of whom now recognize the urgency of adopting fortified authentication methods to replace traditional, vulnerable approaches.
Nolte further highlights the exceptional performance in the US market, on the brink of hypergrowth. The region remains a pivotal focus, with strategic partnerships and industry-renowned talent poised to accelerate current momentum. The receptiveness of the market to Entersekt’s technology, validated by its track record with financial institutions globally, underscores the program’s resounding success.
Julie Conroy, Head of Risk Insights at Datos Insights, underscores the timeliness of Entersekt’s growth as the financial landscape grapples with escalating fraud and financial crime. The momentum of Entersekt’s expansion is emblematic of financial institutions’ appetite, irrespective of size, to adopt solutions that mitigate fraud while ensuring an optimal user experience.
Fiscal 2023 Highlights: Trailblazing Innovations and Strategic Alliances
Entersekt remains at the forefront of innovation, securing three new patents in full year 2023, complementing the 60+ existing technology patents. Among these innovations is Context Aware™ Authentication, a groundbreaking cross-channel fraud prevention approach that dynamically considers originating channels, transaction context, active and silent risk signals, available authentication methods, and user preferences – all in real-time.
Nolte emphasises that while banks contend with disjointed authentication mechanisms across various channels, Entersekt provides a unified authentication platform. This not only enhances user experience but also empowers banks to make informed decisions through orchestrated data.
Strategic partnerships continue to bolster Entersekt’s global presence, enabling seamless integration and deployment of its advanced authentication technology. Notably, Entersekt’s biometric authentication technology has been seamlessly integrated into Q2’s Digital Banking Platform, amplifying biometric authentication capabilities across Q2’s online and mobile banking applications.
In response to burgeoning opportunities in the US market, Entersekt welcomed ten new senior management appointments in full year 2023, underpinning its commitment to regional representation. The expansion includes three C-level appointments: Matt Loos as Chief Revenue Officer, Pradheep Sampath as Chief Product Officer, and Frank Moreno as Chief Marketing Officer. Their decades of leadership experience further solidify Entersekt’s growth trajectory.
A Visionary Future: Revolutionising Digital Transactions
Looking ahead, Nolte underscores the industry’s imperative to combat account takeover fraud and authorized push payment fraud, especially in the wake of real-time payments facilitated by mobile apps.
Entersekt envisions becoming a dominant force in the digital landscape, revolutionizing secure transactions on digital platforms.
With strong support from US-based investors, strategic partnerships, and an unwavering customer-centric ethos, Entersekt is primed for remarkable success in the upcoming year and beyond.
Entersekt, a global payment security company headquartered in Cape Town, today announced a strategic investment from Accel-KKR, a technology-focused private equity firm. The investment will enable Entersekt to accelerate its roadmap and fuel expansion into new markets.
Rand Merchant Investment Holdings through AlphaCode, RMI’s incubator for fintech entrepreneurs has led two previous fundraising rounds and remains a significant investor.
“We are very excited to have Accel-KKR on board. The industry is experiencing a wave of innovation in areas like omnichannel and passwordless authentication, 3-D Secure and open banking, all of which are strategic focus areas for Entersekt. The investment from Accel-KKR will help us scale our business to reach more organizations across more regions with our cloud-first solutions,” says Schalk Nolte, Entersekt CEO.