Entersekt receives cash windfall
South African FinTech Entersekt has received a multi-million-dollar cash boost to fund its global expansion.
Rand Merchant Investment Holdings through AlphaCode, its innovation hub for FinTech entrepreneurs and Nedbank Private Equity (NPE), through its private equity investment vehicle, BoE Private Equity Investments, have each acquired minority shareholdings in Entersekt in a multi-million-dollar transaction.
Entersekt is a Stellenbosch-based company that has developed push-based authentication and app security technology used by the country's leading banks and financial services companies.
The capital injection, Entersekt said, will be used to fund international expansion and research and development.
All regulatory approvals have been obtained, including from the Competition Commission of South Africa.
Entersekt has already secured several large banking clients including Absa, Nedbank, Capitec, Investec, Swisscard, Equity Bank, Ecobank, Pluscard and First Bank of Colorado.
The company has also extended beyond the banking sector providing authentication solutions for Old Mutual among others, and has signed reseller agreements in Europe and in the US. Entersekt continues to have a strong sales pipeline.
Entersekt said its patented security products already protect close to 100 million transactions monthly and comply with the most stringent global regulatory guidelines.