Entersekt Closes Record Year of Growth and Expansion
18 Julio 2024 - 4:00AM
Business Wire
FY24 momentum fueled by new clients, technology
innovation, and strategic partnerships sets the stage for 2025 and
beyond
Entersekt, The Financial Authentication Company, announced today
that it achieved unprecedented growth in its 2024 fiscal year,
driven by the continued adoption of its innovative authentication
solutions. Financial institutions worldwide are increasingly
choosing Entersekt as their partner to fight digital banking
account takeover (ATO) fraud and card-not-present (CNP) payment
fraud. The company has secured over 2.5 billion transactions over
the past year, protecting its financial institution (FI) clients
and their end customers from fraud losses and financial scams. The
fiscal year ends with tremendous momentum fueled by the combination
of its recent acquisition, strategic partner expansion,
award-winning technology innovation, and additional executive hires
and board appointments.
“FY24 was a remarkable year for Entersekt as we strengthened our
financial position with both top-line and bottom-line growth,” said
Schalk Nolte, CEO of Entersekt. “Our strategic channel and reseller
partners have provided an ability to expand into new geographies
and reach more top tier financial institutions, while our Context
Aware™ Authentication technology for digital banking fraud
prevention and payment security is being recognized as both
innovative and market-leading.”
According to Liminal's upcoming ‘Link Index on Account Takeover
(ATO) Protection for Financial Services,’ 60% of FIs say online
fraud losses are increasing and phishing attacks are up 67%,
accounting for 25.1% of all financial losses from ATO incidents.
Additionally, Datos Insights reports that CNP fraud continues to
grow and will reach $12.9B in the US by 2026. Entersekt is leading
the fight against these financial fraud attacks with its digital
banking authentication and payment security solutions.
Entersekt FY24 news and highlights:
Record growth in revenue driven by new
clients: Entersekt’s record growth in revenue was driven by a
substantial increase in new clients in North America this past
year.
Scaling global presence: Entersekt
protects nearly 900 banks, credit unions, payment processors and
card networks globally, including four of the six biggest payment
companies in the world as well as several of the top 10 banks in
the US, Africa, and Europe. The company now employs over 300 people
around the world, including in the US, South Africa, Europe, UAE,
Philippines, and Pakistan.
Acquisition of Modirum 3-D Secure
Solutions: In December 2023, Entersekt completed its
acquisition of the Modirum 3-D Secure software business from
Modirum, making Entersekt one of the top five 3-D Secure solution
providers in the world.
Expanded Mastercard partnership: In
addition to expanding its reseller relationship, Entersekt was a
featured partner in Mastercard’s Scam Protect initiative to help
identify and prevent payment scams, announced in April 2024.
Accelerated digital banking authentication
adoption: In its fourth quarter of FY24, Entersekt went live
with five new Q2 digital banking clients for customer
authentication, including Chartway Federal Credit Union, adding
over 250,000 consumers to its platform.
Strategic partners drive growth and
expansion: In November 2023, eBankIT became the second digital
banking platform to partner with Entersekt, while reseller
partnerships with multiple fintechs delivered strong performance
across European and Latin American markets.
Industry veterans added to Entersekt
Board: Former Cardinal Commerce CEO and founder Tim Sherwin
joined Entersekt’s Board of Directors in April 2024, and Jon
Roskill, former Acumatica CEO and Microsoft executive, was added in
2023, strengthening executive and advisory experience in the
payment fraud prevention space on the Entersekt board.
Chief Operating Officer joins: In
January of 2024, Tina Williams joined Entersekt as its Chief
Operating Officer, based in Atlanta, Georgia, to expand the
customer success function while leading its global support and
delivery teams. Tina is a specialist in customer experience and B2B
SaaS software and brings over 20 years of experience in managing
results- and data-driven teams.
About Entersekt
Entersekt, The Financial Authentication Company, provides
financial institutions with digital banking fraud prevention and
payment security solutions through its cross-channel, Context
Aware™ Authentication platform that secures digital transactions
and optimizes user experiences. Founded in 2010, Entersekt serves
financial institutions around the world, and holds 120+ patents for
its security innovations. In 2023, Entersekt acquired the Modirum
3-D Secure software business from Modirum, a security technology
firm based in Helsinki, Finland, positioning Entersekt as a global
industry leader in authentication solutions for financial services.
Entersekt processes 2.5bn+ transactions for 250m+ cardholders and
450,000+ merchants from nearly 900 banks in 70+ countries. Backed
by companies like Silicon Valley-based Accel-KKR, one of the
world’s top private equity firms, Entersekt continues to expand its
footprint across key regions. For more information, visit
entersekt.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240716479962/en/
Contact person for any media inquiries:
Frank Moreno Chief Marketing Officer frank@entersekt.com