Czech cybersecurity startup Wultra has secured €3 million in funding to accelerate the development of its post-quantum authentication technology for financial institutions. The investment round was led by Tensor Ventures, Elevator Ventures, and J&T Ventures, coming at a critical time when governments worldwide are prioritizing quantum-resistant security measures.
The funding will support Wultra’s development of authentication solutions designed to protect against future quantum computing threats, while enabling expansion into Western Europe and Southeast Asia. The company plans to open a Singapore office in 2025, building on its established presence in the European financial security sector.
Wultra’s technology delivers post-quantum authentication solutions for financial institutions that meet global regulations including PSD3/PSR1 and eIDAS 2.0, the European Union’s evolving digital identity framework. The company’s hardware and software solutions are manufactured in the EU, meeting PSD3 requirements for alternatives to smartphone-based authentication, particularly important as traditional authentication methods face increasing security challenges.
The company’s current client roster includes major European financial institutions such as Raiffeisen Bank International, Erste Digital, OTP Bank, and Global Payments. Their diverse portfolio demonstrates the growing recognition of quantum computing threats among established financial institutions.
“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.”
“Wultra has cutting-edge technology that solves the nightmare of every banker in the world,” said Martin Drdul, Co-founder of Tensor Ventures. “There is no alternative to their solution that can be deployed so quickly.”
“Authentication is a challenging and ever-growing field, and we believe Wultra’s solid technology stack and development capabilities address the most critical challenges in securing financial institutions against future threats,” said Suleiman Arabiat, Principal at Elevator Ventures. “We are excited to support their expansion into new markets and their trailblazing journey out of CEE to the world.”
Sources: Wultra, Globe Newswire, Elevator Ventures, The Quantum Insider, The Recursive
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