Brothers Dewald (34) and Schalk Nolte (40) built one of South Africa’s largest financial security technology companies after sensitive information of another co-founder's family member was stolen.
“We asked why, in an environment where banks send an SMS OTP for every transaction and force you to download malware protection, it is possible to still lose your money,” Dewald told Business Insider South Africa.
“Clearly something was wrong – and that meant opportunity [for us].”
In March - for a third year in a row - their start-up Entersekt was named the best mobile security technology in Southern Africa.
Entersekt provides mobile security which ensures that online fraudsters and malware cannot intercept online payments or steal sensitive personal information such as ID numbers and passwords.
“We challenge ourselves every day on pushing the boundaries of what is possible on the digital channel, in order to build new technology that enriches the lives of end users, while enabling our clients to offer more.”
Entersekt grew from humble beginnings while the duo studied engineering at Stellenbosch University in 2009, to one of the world’s most trusted mobile security providers.
It currently operates in over 45 countries and counts Investec, Capitec, Nedbank, Absa, Discovery and Old Mutual among its clients.
US-based Equifax - one of the world’s biggest credit reporting agencies - in February partnered with Entersekt after the data of some 143 million US customers and 400,000 UK customers was breached.
“We focus on creating secure technology that improves the user experience of the end users of our clients without compromising on their security,” Dewald explains.
“With this foundational technology in place, our clients are free to innovate and bring all kinds of new services to their end users without fear of exposing them to cybercriminals.”
Brother Schalk says Entersekt has to continually develop new security solutions as fraudsters innovate.
He says the Entersekt will focus on its US and European expansion and its new mobile payment system the year ahead.
“Entersekt has grown – by leaps and bounds! We were a team of just five back in 2009, and are currently 125 permanent employees strong, having grown by 77 in the last year alone,” Schalk says.
“Watch this space, there are some exciting new innovations coming.”