Entersekt, which works in device identity and authentication, has seen an investment from Accel-KKR, which works in private equity, the companies announced Thursday (Dec. 9).
The investment will help Entersekt hire more people and expand its business.
Entersekt has reportedly worked on new ideas like a payment authentication solution based on the Fast ID Online (FIDO) standard, along with an artificial intelligence (AI)-powered EMV 3-D solution.
In a statement, Entersekt CEO Schalk Nolte said the addition of Accel-KKR would help with scaling the business.
“We are very excited to have Accel-KKR on board,” Nolte said. “The industry is experiencing a wave of innovation in areas like omnichannel and passwordless authentication, 3-D Secure and open banking, all of which are strategic focus areas for Entersekt.”
Nolte added that the company’s goals included providing frictionless user experiences so customers can customize experiences on their needs. He said the company was working on “bridging the gap between identity, authentication and payments.”
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Meanwhile, Accel-KKR principal Joe Porten cited Entersekt’s work with financial services as a reason why the partnership would work.
“As a partner, Accel-KKR is committed to helping the Entersekt team accelerate growth and continually deliver innovation in their category,” Porten said.
PYMNTS reported on the aforementioned FIDO integration Entersekt did, which saw the company expanding its authentication suite to bring together strong security along with user satisfaction.
Read more: Entersekt Adds FIDO Authentication to Security Suite
The FIDO2-certified solution offers a different way to deal with things, as opposed to passwords and app-based authentication for logins. The new solution will take roaming and platform authenticators.
Christian Ali, Entersekt senior vice president of product, said the idea was to replace passwords with more “secure and user-friendly” ideas, as opposed to the outdated and often less-secure solutions. More secure solutions usually need a mobile app, which has often led to more fraud.
Ali said if users aren’t satisfied, that leads to things like cart abandonment and less sales overall.
