South African Mobile Security Solutions Firm Secures Multi-Million Dollar Funding

By Peter Pedroncelli Published: June 9, 2017, 5:06 am
Silicon Valley fund - South African security platform Entersekt allows autentication on the go. Photo: ITWebSouth African security platform Entersekt allows autentication on the go. Photo: ITWeb

South African mobile security solutions company, Entersekt, have concluded a deal that will see multi-million dollar investments made to fund the continued international expansion of the firm.

The Stellenbosch-based company will be backed by investors Rand Merchant Investment Holdings (RMI) and Nedbank Private Equity (NPE), through startup accelerators and investment hubs such as RMI’s AlphaCode and NPE’s BoE Private Equity Investments.

The two investors acquired minority shares in Entersekt for an undisclosed amount, with the mobile security solutions firm describing the investment as a multi-million dollar agreement, according to DisruptAfrica.

The South African fintech company develops push-based authentication and app security technology to protect clients in numerous industries, with banks in particular appreciating Entersekt’s products, including a platform called Transakt, which enables a one-touch user experience.

Current South African and international clients include Absa, Nedbank, Capitec, Investec, Swisscard, Equity Bank, Ecobank, Pluscard and First Bank of Colorado, according to TechCentral.

SA mobile security startup doing well internationally

While some of the new investor funding will be focused on research and development, much of the investment will be geared to consolidating international growth and bringing Entersekt to new global markets.

Entersekt’s security products protect around 100 million transactions on a monthly basis, and already enjoy positive growth and a solid reputation in Africa, North America and Europe.

Entersekt CEO Schalk Nolte is pleased with the trust that investors have placed in his company, and looks forward to expanding beyond their current markets.

“We are immensely honoured that investors of such a high calibre have endorsed our long-term vision in this way,” said Nolte, according to Ventureburn.

“We look forward to working together at a board level to unlock the significant potential we see in the global market. We can now accelerate beyond our very healthy organic growth and rapidly establish a presence in new territories. We have a solid foothold in Africa, Europe and the United States, but our technology can provide as much value to enterprises in other regions,” he added.

All regulatory approvals for the investment agreement between the parties have already been obtained, with South Africa’s Competition Commission also ratifying the deal.

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