Czech Startup Wultra Raises €3M for Post-Quantum Banking Security

Czech cybersecurity startup Wultra has secured €3 million (approximately $3.09 million USD) in a funding round led by Tensor Ventures, with participation from Elevator Ventures and J&T Ventures. The investment will support the company’s development of post-quantum authentication technology for financial institutions, building on its existing partnerships in the European digital identity space.

Founded in 2014, Wultra specializes in cybersecurity solutions that protect financial institutions against emerging quantum computing threats. The company’s technology addresses a critical security challenge, as quantum computers have the potential to break many currently used encryption algorithms – a concern highlighted by recent developments including successful attempts to crack RSA encryption using quantum computing.

The new funding will accelerate the development and deployment of Wultra’s post-quantum authentication solutions. The company plans to enhance its existing products and expand its global presence, with a focus on the financial sector. This aims to help banks and fintech companies protect their customers from quantum-based security threats that could compromise traditional cryptographic methods, aligning with broader industry initiatives like SEALSQ’s development of quantum-resistant eSIM technology.

Wultra has established itself as a significant player in European financial cybersecurity, notably through collaborations with Moldovan banks to ensure compliance with EU regulations such as PSD2. The company’s work in PSD2 compliance comes at a crucial time, as financial institutions across Europe are implementing stronger authentication measures to meet regulatory requirements while maintaining user convenience. The company’s technology portfolio includes both mobile and hard tokens, designed to balance security requirements with user experience.

The investment comes at a time when financial institutions increasingly focus on quantum-resistant security measures to protect against future threats. Wultra’s authentication solutions are designed to maintain effectiveness even as quantum computing capabilities advance, addressing a growing concern in the cybersecurity community about the long-term viability of current encryption standards.

Sources: Cybersecurity Pulse, Wultra Blog, The Paypers, Quantum Computing Report

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January 30, 2025 – by the ID Tech Editorial Team