Zurich authentication experts at Futurae have received a further capital injection from their existing investors AXA Venture Partners, Zürcher Kantonalbank and EquityPitchers Ventues. In addition, the spin-off from the Swiss Federal Institute of Technology in Zurich has secured a significant new investor: on the recommendation of PwC Switzerland, the European financial services provider Euroclear invested in Futurae.
According to a Venturelab press release, the startup raised a total of 5 million francs in a financing round. “Futurae is an innovative security vendor that sets new standards to solve customer problems, rather than just patching a security hole,” said David Bundi, Head of Compliance, Regtech & Legaltech, explaining PwC Switzerland introducing Futurae as an investment opportunity.
Over the past three years, more than 100 banks with users across over 50 countries have reportedly selected Futurae as their authentication platform. The funds will be used to enhance the platform with machine-learning capabilities. The investment allows the company to expand its team and accelerate its international expansion.
In contrast to other “insecure and unusable solutions” on the market, the Futurae approach does not impact the customer journey or private sphere, as Sandra Tobler, CEO and co-founder of Futurae emphasized. “The main driver of our rapid growth, besides the high usability and ease of integration, is the fact that we help our customers to massively reduce their high support costs.”