News
Encap receives seven-figure investment from ProVenture Seed to boost global footprint
June 2013 by Marc Jacob
Mobile authentication specialist Encap has announced a new round of investment from ProVenture Seed, an investor in early-stage technology-based Norwegian companies with international potential. ProVenture Seed joins earlier investor Alliance Ventures, helping Encap bring its banking-grade, software-based authentication platform to a wider market.
Encap’s solution is an alternative to the one-time password based authentication commonplace in the financial services market and currently being rolled out by industry giants such as Google, Facebook and Microsoft. Rather than using SMS codes or hardware tokens, Encap employs a user’s mobile device to enable in-app, banking-grade security.
In the last year, Encap’s client base has increased considerably, growing tenfold in the European market. Companies using Encap´s products now include Santander Consumer Bank Norway, EnterCard and Sparebanken Vest, and partners include Evry, Fujitsu and Signicat. The new investment capital will allow Encap to expand its client base in existing markets, and secure clients and partnerships in new markets, the USA and UK in particular.
