Wultra Embarks on a Journey of Growth, Increasing Monthly Recurring Revenue by 75% in 2023

November 27, 2023
Hands holding mobile phone on the left with Wultra logo, and caption on the right that says 2023 Year In Review

[PRAGUE, 27/11/2023] — Wultra, a provider of modern authentication solutions to banks and fintech companies, has achieved significant growth and transformation in 2023. With its current strategy, Wultra remains steadfast in its commitment to deliver cutting-edge mobile authentication solutions, expand its global presence, and foster genuine customer satisfaction in the financial services landscape.

How Wultra’s 2023 Strategy Delivered Genuine Results

Wultra is on track to close the year with a 75% increase in Monthly Recurring Revenue (MRR) compared to 2022, underscoring the company’s dedication to not only meeting but surpassing its goals. Wultra has successfully achieved this milestone through the following key initiatives:

  • Global expansion: During 2023, Wultra has expanded its global reach from Brazil to Hong Kong while also solidifying its presence in the Central and Eastern European markets through effectively growing its customer base and establishing a series of key partnerships.
  • Product updates: Wultra has equipped its robust authentication solution with a range of improvements. Its Mobile Token now includes a history of operations, an inbox for banks to communicate directly with customers, notable UI enhancements, and upgraded imagery to provide an elevated user experience. Furthermore, the company broadened its offer with a digital onboarding add-on that delivers mobile onboarding to its existing customers.

Company and Brand Evolution

During 2023, Wultra's brand and marketing team has undergone a quest toward establishing a truly global, refreshed brand with a focused mission to establish Wultra as the leading modern authentication provider for banks and fintech companies. Wultra’s revamped brand challenges traditional methods and legacy solutions to further demonstrate the need for enhanced security in the financial landscape.

Just as Wultra’s MRR has nearly doubled, its team has also nearly doubled in size. Wultra's roster of talented professionals will close out the year with a total of 27 team members. In order to successfully recruit and retain talented team members, Wultra proactively evaluates new ways of working and has introduced a series of meaningful benefits to its employees. Additionally, the company has introduced a unique feedback tool that easily allows team members to seek assistance from its HR department.

As a remote-first company, Wultra now offers reimbursement for coworking space usage to ensure its team's optimal productivity, satisfaction, and well-being. To provide maximum flexibility and an improved work-life balance for employees, Wultra also offers an unlimited vacation. Finally, the company has introduced Wultra Academy, a biweekly, in-house educational program that focuses on technology and cyber-security topics as well as an array of initiatives related to productivity and team cooperation.

We are thrilled with the growth and changes we have experienced in 2023, and we’re proud of our team's hard work and dedication to making Wultra a leading authentication provider. Looking ahead, our team is excited to continue our journey in helping our clients and partners tackle new challenges in the cyber-security landscape.

— Petr Dvořák — CEO, Wultra

2024 Plans for Continued Growth and Innovation

Looking ahead to 2024, Wultra shows no signs of slowing down in its pursuit of excellence. With plans to double the company's headcount and reinforce marketing and sales teams, Wultra is poised to expand its activities to new channels and markets through the following activities:

  • Long-term product roadmap: Wultra continues to monitor the latest standards and trends in mobile authentication, enhancing its solutions to cater to the evolving needs of its clients. The company plans to further enrich its product with a widened offer of passwordless authentication methods, such as passkeys (FIDO2), and comprehensive digital onboarding capabilities.
  • Regulatory compliance: The team also remains committed to staying informed of updates to emerging legislative initiatives, such as PSD3 and DORA.
  • EU eGovernment initiatives: To align with emerging regulatory frameworks, Wultra continues to follow developments related to the EU Digital Identity Wallet and the evolving possibilities for implementing it into its products.

Wultra’s focus remains on growth and ensuring that digital finance embraces secure authentication with ease. The company eagerly seeks new partners and is excited about the opportunities presented by trends in digital identity, fraud prevention, and regulatory trends.

Wultra looks forward to a year of even greater success and more frequent engagements with its cherished associates and extends a heartfelt thanks to clients, partners, and team members who have contributed to Wultra’s success during 2023.

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