Quantum computing is set to revolutionize technology, but it also presents a significant security risk for financial institutions.

Czech cybersecurity startup Wultra has raised €3 million from Tensor Ventures, Elevator Ventures, and J&T Ventures to accelerate the development of its post-quantum authentication technology, safeguarding banks and fintech against the coming wave of quantum threats.

The investment comes as global concern grows over the vulnerability of traditional security methods. Quantum computers will soon have the power to crack cryptography that protects billions of financial transactions daily.

Wultra, whose clients already include Raiffeisen Bank International, Erste Digital, OTP Bank, and Global Payments, is at the forefront of creating secure authentication solutions that can withstand quantum-level attacks.

“We anticipate a ‘Q-day’ within the next five years – a point where current authentication systems will become ineffective against quantum computers,” says Petr Dvořák, CEO and founder of Wultra.

“Financial institutions must act now to protect their infrastructure. This investment allows us to develop next-generation solutions and deepen our presence in key banking markets that recognize the urgency of post-quantum threats.”

Dvořák is no stranger to innovation. He played a key role in building Inmite, a mobile app development firm acquired by Avast in 2014.

Drawing on that experience, he founded Wultra to focus on financial security. Today, the company offers mobile-first software authentication and hardware authenticators trusted by major European banks.

Production Strictly in the European Union

While most of Wultra’s sales are from its smartphone software authentication solution, its hardware authenticator, Talisman, has already seen significant demand, with thousands of units delivered and tens of thousands of pre-orders. To ensure the highest level of security and compliance, all Talisman devices are manufactured and assembled within the European Union, with final production taking place in the Czech Republic.

“Our hardware authenticator addresses the needs of corporate and premium banking clients, aligning with new PSD3 regulations that mandate alternative authentication methods beyond smartphones,” adds Petr Dvořák.

Global Expansion and Innovation

Numerous banks and fintech companies in several countries trust Wultra’s solutions, and adoption is especially high in Central Europe.

The €3 million investment will develop post-quantum authentication solutions and enable Wultra’s expansion into Western Europe and Southeast Asia, which are experiencing increasing adoption of digital banking. The company plans to open a Singapore office in 2025 to serve the growing demand in these regions.

“Southeast Asia is becoming a key market for us. The region’s financial sector is evolving rapidly, and post-quantum authentication is becoming a priority,” explains Dvořák. “By next year, we aim to establish a physical presence to support our expanding client base.”

Another investment round in two years

The Seed+ round was led by Czech-Luxembourg deep tech fund Tensor Ventures of Roman Smola, Martin Drdul, and Petr Ulvr. “Wultra has cutting-edge technology that solves the nightmare of every banker in the world,” says Martin Drdul, co-founder of Tensor Ventures.

“At the same time, there is no alternative to their solution that can be deployed so quickly. We also like that this is another Czech startup that shows that we can successfully export very advanced technologies from the Czech Republic to the whole world,” adds Ondrej Lipold, who was in charge of the investment at Tensor Ventures.

Elevator Ventures, the venture capital arm of Raiffeisen Bank International, co-led the round. Suleiman Arabiat, Principal at Elevator Ventures, comments:

“Authentication is a challenging and ever-growing field, and we believe Wultra’s solid technology stack and development capabilities address the most critical challenges in securing financial institutions against future threats.

We are excited to support their expansion into new markets and their trailblazing journey out of CEE to the world.”Returning investor J&T Ventures, which first backed Wultra in 2022, also joined the round.

“We’ve supported Wultra from the early stages and have been consistently impressed by their technology and market growth,” says Adam Kočík, Partner at J&T Ventures. “As quantum threats become more pressing for the financial sector, Wultra’s solutions are positioned to become essential infrastructure for banks and fintechs.

This round reinforces our belief in their growth potential and ability to lead the industry into the post-quantum era.”

Another investment round will likely occur within two years.

About Wultra

Wultra provides easy-to-deploy post-quantum authentication solutions for financial institutions, ensuring secure and seamless access to digital services. Its developer-friendly technology, powered by NIST-endorsed quantum-resistant cryptography, delivers bulletproof security, a passwordless user experience, and compliance with global regulations—all deployable in just eight weeks.

Trusted by financial institutions worldwide, Wultra’s solutions meet stringent standards like PSD3/PSR1 and eIDAS 2.0 while offering cutting-edge protection against evolving cyber threats. For more information, visit www.wultra.com.

About Tensor Ventures

Tensor Ventures is a global deep tech fund headquartered in Prague and Luxembourg, founded by Roman Smola, Martin Drdul, and Petr Ulvr. The first fund supported revolutionary early-stage deep tech startups, building a portfolio of over 20 companies across Europe, the UK, Israel, the USA, and beyond.

Notable successes include Tatum, Veracity Protocol, and QC82 quantum chips. The second fund, Tensor Ventures, is targeting a size of EUR 50 million and will again allow investors to tap into unique quantum technologies, biotechnology, security technologies, software 2.0, and energy and climate technologies. In addition to these areas, however, there will also be an opportunity to invest in space technologies. For more information, visit www.tensor.ventures.

About Elevator Ventures

Elevator Ventures is the venture capital fund backed by Raiffeisen Bank International, Raiffeisen-Holding Niederösterreich-Wien, and Raiffeisen-Landesbank Steiermark and manages funds of more than 100m€ to elevate the growth of technology companies in Fintech and Beyond Banking.

The team has a wide sourcing and business development network in DACH and CEE and uses the deep expertise and intel of its investors as an advantage. To date, Elevator Ventures has invested close to €50 million into 16 companies, resulting in four successful exits, and into two funds. For more information, visit www.elevator-ventures.com

About J&T Ventures

Venture Capital Fund J&T Ventures invests in promising, innovative start-ups to contribute to their dynamic development and value growth. The J&T Ventures funds manage 50 million euros and provide not only financial resources, but also help to set up business strategy, business processes, support expansion to foreign markets, fundraising and managerial experience along with contacts.

The fund seeks promising business projects with exceptional founders, focusing primarily on the CEE and SEE region and investing between EUR 0.5 million and EUR 2.5 million. More information at www.jtventures.cz and LinkedIn

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