Wultra secures €3m to protect financial institutions from quantum threats

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Quantum computing is set to revolutionize technology, but it also presents a significant security risk for financial institutions. Czech cybersecurity startup Wultra has raised €3m from Tensor Ventures, Elevator Ventures, and J&T Ventures to accelerate the development of its post-quantum authentication technology, safeguarding banks and fintech against the coming wave of quantum threats.

The investment comes as global concern grows over the vulnerability of traditional security methods. Quantum computers will soon have the power to crack cryptography that protects billions of financial transactions daily. Wultra, whose clients already include Raiffeisen Bank International, Erste Digital, OTP Bank, and Global Payments, is at the forefront of creating secure authentication solutions that can withstand quantum-level attacks.

“We anticipate a ‘Q-day’ within the next five years – a point where current authentication systems will become ineffective against quantum computers,” said Petr Dvořák, CEO and founder of Wultra.

“Financial institutions must act now to protect their infrastructure. This investment allows us to develop next-generation solutions and deepen our presence in key banking markets that recognize the urgency of post-quantum threats.”

Dvořák played a key role in building Inmite, a mobile app development firm acquired by Avast in 2014. Drawing on that experience, he founded Wultra to focus on financial security. Today, the company offers mobile-first software authentication and hardware authenticators trusted by major European banks.

Production in the European Union

While most of Wultra’s sales are from its smartphone software authentication solution, its hardware authenticator, Talisman, has already seen demand, with thousands of units delivered and tens of thousands of pre-orders. To ensure security and compliance, all Talisman devices are manufactured and assembled within the European Union, with final production taking place in the Czech Republic.

“Our hardware authenticator addresses the needs of corporate and premium banking clients, aligning with new PSD3 regulations that mandate alternative authentication methods beyond smartphones,” Dvořák said.

Global expansion

Numerous banks and fintech companies in several countries trust Wultra’s solutions, and adoption is especially high in Central Europe.

The €3m investment will develop post-quantum authentication solutions and enable Wultra’s expansion into Western Europe and Southeast Asia, which are experiencing increasing adoption of digital banking. The company plans to open a Singapore office in 2025 to serve the growing demand in these regions.

“Southeast Asia is becoming a key market for us. The region’s financial sector is evolving rapidly, and post-quantum authentication is becoming a priority,” Dvořák said.

“By next year, we aim to establish a physical presence to support our expanding client base.”

Another investment round will likely occur within two years.

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Jim Cornall is editor of Deeptech Digest and publisher at Ayr Coastal Media. He is an award-winning writer, editor, photographer, broadcaster, designer and author. Contact Jim here.