Wultra Obtained Investment From J&T Ventures
Wultra, founded three years ago by Petr Dvořák, protects the Internet and mobile applications of leading banks and FinTech. The company prepares for rapid international expansion and secures tens of millions of Czech crowns in the investment round led by J&T Ventures.
Leading banks and financial institutions in the Czech Republic (ČSOB, MONETA Money Bank, Raiffeisenbank, Zonky, and the Czech National Bank), as well as in Romania (Vista Bank) and Albania (Posta Shqiptare), already rely on products by Wultra. The industry-leading security solutions help institutions comply with strict regulatory requirements and protect their applications and client data against a broad range of cyber threats. Customers and partners can implement them quickly and easily. Since the solutions are partly open-source, they provide unprecedented transparency. The prices are also more favorable than those offered by big established companies. And solutions by Wultra are not just for banks. They can protect transactions and sensitive data anywhere.
"Most financial operations are performed in digital channels, which has brought the need for security solutions tailor-made for the transaction-based industries. Besides classical banks, this also concerns FinTech, eGaming, cryptocurrency stock markets, eGovernment, or digital identity. Our long-term objective is to make first-class and easily deployable security tools. Especially fintech start-ups prefer flexible partners, which exactly fits in our approach," describes Petr Dvořák, the CEO at Wultra.
Dvořák initially focused on the security of mobile services in the well-known development studio Inmite. He later led an innovation incubator of the Czech antivirus company Avast, which acquired Inmite in 2014. He also gained experience at IBM and Sun Microsystems. In Wultra, he manages a team of ten specialists. The company has clients mainly from Central, Eastern, and Southern Europe, but it has already attracted North American and African customers. With the announcement of this first investment, it intends to strengthen its position in Europe and penetrate new markets more actively.
"The Czech Republic has a strong tradition in cybersecurity, and Wultra is further proof that local technology companies are among the world leaders in this field. Wultra offers more advanced cutting-edge technologies than its competitors, at more favorable prices and faster implementation. We also decided to invest based on the founder's experience, great execution, and the potential of a huge, quickly growing market," says Martin Kešner, Investment Director, J&T Ventures.
Secure Digital Finance
Wultra® provides leading banks and fintech companies with security solutions for their internet and mobile apps. Thanks to our products, financial institutions can meet compliance with the regulatory requirements, and more importantly, detect and stop cyberattacks and protect their apps against a wide range of threats.